Question Summary:
A person who bought a plot of land with the intention of selling it, but he did not sell it, does he have to give Zakat on it.

Question Detail:

Assalam Alaikum, 
I have a question on Zakat payment. 
I Purchased a plot few years ago with the intention of selling it after few years. 
However unfortunately due to some legal issues the plot price has deprecated so we have decided to not sell it until we get a decent price. 
 
Please let me know if we have to pay zakat on it. 
 
Thanks, 
JazakAllah 

Answer :

In principle, if one buys a plot of land with the intention to re-sell the land and a lunar year passed, then Zakat will be compulsory on the land according to his personal financial situations and according to the overall laws of Zakat. ^[i]
However, if one changed his intention and decided not to sell the land at all, then there wont be Zakat on the land.
And Allah Ta‘āla Knows Best
Mehrazur Rahman
Student Darul Iftaa
Brooklyn, NY, USA
Checked and Approved by,
Mufti Ebrahim Desai.