Q: I am currently buying a property. I am getting the help of my father and we have agreed a TP1 contract with the builder whereby we have already paid a deposit of £150000. Upon the completion of the property in July, we will pay a further £275,000. Do we have to pay zakat on the £275000 which is still to be paid? Jazakallah
A: Zakat is not due on the remaining balance. It is a debt which can be deducted.
And Allah knows best!
Mufti Faraz Adam