How is Zakat calculated on: A jointly owned plot of land for residence, valued at 200,000 EGP? Two apartments purchased in installments (one for residence and one for trade) that have not yet been received, with 150,000 EGP paid for the first and 200,000 EGP for the second? A gifted commercial shop that has not yet been received, valued at 40,000 EGP? Given a debt to the bank of 261,000 EGP, and the current value of the existing residential apartment is 130,000 EGP?

There is no zakat due on the apartment you live in, or intend to live in, or on land purchased for the purpose of building a residence, because these are not trade goods. Money paid for building an apartment with specific specifications falls under a manufacturing contract (Istisna'). If one of the apartments was purchased for rent, zakat is due on its income if it reaches the nisab and a hawl (lunar year) has passed on it. However, if it was purchased with the intention of selling and trading, then zakat is due on the value of the apartment itself. It should be appraised at the end of the lunar year for the money with which it was purchased, and its zakat, which is a quarter of a tenth (2.5%), should be paid. Its value should be zakatable every year, no matter how long the period. As for outstanding installments, the majority of scholars are of the opinion that they should be deducted from the zakatable wealth, while Imam Shafi'i, Ibn Baz, and Ibn Uthaymeen hold that debt should not be deducted from zakat, and this is the more cautious opinion.