I have to ask that if I engage myself in a business, that I sell a piece of land and I get my money (gain or profit) in not more than three months, does it make it necessary for me to pay Zakat out of the gain? What I mean to say is that, has giving Zakat been made requisite upon me or is it only compulsory if a year has passed
We believe that it is not necessary for an asset to be in our custody for a whole year before it is zakated. The Shari'ah has, on the contrary prescribed to pay zakah on our assets every year. We have to appoint a day for the payment and distribution of zakah, if the state has not determined one for the purpose, and then pay the zakah on all assets that particular day. All the assets that we have on that day are to be zakated, even if an asset came to our hands a day before.