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Assalam Alaikum,
This is my first time here and I've tried looking around for this topic but was unable to get results on google with reliable source hence I thought of asking it here.
Now I do know that Zakat does not apply to home asset unless it's being rented out. So we have a home to live in and another asset that has been given out for rent. Let's say I've paid Zakat for the rented asset last year, the question is will I have to pay Zakat for the same asset this year too?
The categories are exempt for Zakat
The house you are living in, comes under the category of "personal use" and the one you have rented comes under the category of "means of production".
Both are exempt from zakat. i.e. that zakat that you pay on assets, which is 2.5%.
The "production" from you house, which is its rent, is zakatable. (I just made that word, which is you have to pay zakat on it :) ). The zakat on rent will be 10%. It is incurred when the rent it is payed. If you get monthly rent of it, then you have to pay it monthly.
You can pay that 10% monthly zakat, once, twice or any number of times you like, in a year.
Zakat is not for home assets. Zakat is for gold, silver for the specific amount and also for, Husbandry and agricultural and garden products. Zakat is one fortieth of each products I mentioned.
For the asset of home, you have to pay khums which is one fifth of the things you do not use for a year.
Please pay attention that if you have paid khums for a specific thing once, you do not need to pay another khums for it, in next year.
Note: My answer is on basis of Shia’s viewpoint.
