Is zakat obligatory on land purchased for investment when there is no monthly income, and how is it to be rendered?

Zakat is obligatory on land purchased with the intention of sale upon the completion of a full lunar year from the original purchase date. The zakat due is one-quarter of one-tenth (2.5%) of its value when zakat becomes due. However, if the intention behind the purchase was for a purpose other than sale, such as building, then no zakat is due on it. If liquidity is not available to pay the zakat, one may wait until the land is sold, and then pay its zakat for all the preceding years.