Is zakat due on land that has been sold, and what is its amount if it is due?

Zakat is obligatory on commercial land every year. Its current market value is assessed, and one-quarter of one-tenth (2.5%) of its value is to be paid. As for land that is owned, gifted, inherited, or purchased for personal use and then sold, there is no zakat on it except on the price received from its sale. One-quarter of one-tenth (2.5%) of this received amount is to be given as zakat after one year has passed since its receipt, provided it reaches the minimum threshold (nisab).