Question Summary:
Will Zakaat be payable on such property?

Question Detail:

 
If a person keeps a residential plot with no defined intention whether it could be used for living in future by himself/family or whether to be sold at a good price if need arises; will zakaat be payable on such property?

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
If a person purchased a land with no defined intention, it is not considered as stock in trade. Zakaat is not payable on such property.[1]
 
And Allah Ta’āla Knows Best
 
Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.