I have purchased a second property which I will use as my primary residence. At the same time I converted my initial home into a rental property. What is my Khums liability on the equity in the original home that is now a rental property?
I have purchased a second property which I will use as my primary residence. At the same time I converted my initial home into a rental property. What is my Khums liability on the equity in the original home that is now a rental property?
Sayyed Mohammad Al-Musawi, Sayyed Mohammad al-Musawi is originally from Iraq and heads up the World Ahlul Bayt Islamic League in London. Other than being involved in various humanitarian projects, he frequently responds to... Answered 4 years ago
The property where you reside at as your home is exempted from Khums as far as you reside at it. The property which became a rental property must be calculated in your Khums.
Wassalam.