How should Zakat be paid on land? when it is sold?

Answer By Dr Zakir Naik,: If any land is purchased for the purpose of selling, for doing business then Zakaat should be paid 2.5% of the value of the land every year. So once you possess the land and 1 year passes then you have to pay 2.5% of the current value so whichever date you have chosen to calculate the Zakaat, it should not be on the price at which you purchased, the price may go up of land, the price may go down so whatever is the present value of the land that you possess, the moment one year is completed after you have acquired it, you have to pay Zakaat 2.5% on it. And suppose you have a land for several years and you have to pay every year from whatever other wealth you have but if you don’t have any other wealth and its the only land that you have, and you are unable to pay the Zakaat meaning every year is the best but if you are unable to pay, if you don’t possess any other wealth that time as a last resort which is not recommended but as a lost resort if you don’t have any money then you can delay the paying of Zakaat till the time you sell it. And when you sell it if you possess the land for 5 years and you haven’t paid Zakaat so when you sell it you have to pay 5 x 2.5 but you have to note down the value of the land every year. So first year the value may be ‘X’ second year it may be ‘Y’ third may be ‘Z’ so note down the value every year and you have to give 2.5% of that value that year and you have to add up 2.5% each year, add up the 5 years and then that amount you have to give after you sell the land. But the best is to give it as soon as possible.