Zakat on money saved for a house

Question

A man from India is in England; he has 8 thousand rupees deposited in a bank. Now this man intends to build a house there; it is possible that some debt will also be incurred. Is zakat wajib on this saved money or not?

Answer

If a full year passed over this saved money before it was spent, then zakat on it has become fard; let him pay the zakat and then build the house and so on.

Source: Fatawa Mahmudiyya

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