I have bought land for investment. Do I have to pay Zakaat on it? If yes, on what value?
If by investment you mean that you had bought the land for reselling it at a profit, then you have to pay Zakaat on the value of the land. The value will be the price which you will pay for the land if you have to buy it today. In other words it is the current market value of the land. If by investment you mean that the land was bought to farm on it or to hire it out for rental income, then Zakaat is not payable on it.