I have a property worth 80,00,000 which is given on rent 3,74,000 per annum ( this money is not saved and is used throughout the year). This is in addition to the house i live in. Please guide me regarding zakat on this property.
There is a difference of opinion among scholars regarding this issue.
Some are of the view that zakat should be paid on property that is for rent (in your case you have to pay zakat on 80 lakh rupees plus saving you make from rent).
Some scholars are of the view that there is no need to pay zakat on the property that is on rent but you have to pay zakat on rental savings. If your intention is to sale your property in future to do business then you have to pay zakat but if your intention is to keep it only for rent than you dont have to pay zakat. You can google your question regarding this matter or consult an alim e din whom you follow. May Allah guide you.