Do I have to pay Zakaat on my flat?

In the Name of Allah, the Most Gracious, the Most Merciful.

As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh.

The flat referred to as inheritance belongs to you and your wife. In principle zakaat is not payable on property used to accrue income.[1] The rental income will be treated as cash on hand and zakaat on that amount will be determined according to ones financial situation. In brief, if the rental income is equivalent to the nisaab amount and a year passes on that amount or if the cash is joined with other cash in ones possession and is equivalent or more than the nisaab, then the income earned is zakaatable if it exceeds ones liabilities and is equivalent to the nisaab amount. For more details on how to calculate zakaat refer to http://askimam.org/fatwa/fatwa.php?askid=31cdd2cfc57f1a0183dc44a77539d0e3.

And Allah Ta’āla Knows Best

Mawlana Ali bin Cassim,
Student Darul Iftaa
Los Angeles, U.S.A

Checked and Approved by,
Mufti Ebrahim Desai.