About Zakat calculation

[Baig, Mirza]

Assalam-o-Alaikum,

 

I am a salaried person. I am trying to collect enough money which would enable me to buy a house for me and my family. But every year the price of the property is going higher and higher. Now what is rule of paying zakat for me in the following scenario:

 

I have a piece of land which I bought with a "niyah" (intention) of constructing a house on it. Saved some money for construction which is still not enough for the construction. So with this extra money I bought some more property with an intention to sell at better price in future to get more money for construction. In doing so years are passing. Now please let me know how shall I calculate my Zakat. Do I have to pay Zakat on all the property I have or there is some exemption on zakat calculation?

 

Regards,

 

Hamid Baig