Is zakat obligatory on land that was purchased with the intention of building upon it and selling it as a building, and a year has passed while it is still in the process of obtaining the necessary building permits?

If the owner intended to trade the land when purchasing it, it becomes a trade asset. It is appraised when a year has passed since its acquisition, based on the original threshold (nisab) at which it was bought. One-quarter of one-tenth (2.5%) of its value is to be given as zakat if it reaches the nisab (equivalent to 85 grams of gold or 595 grams of silver) when combined with other assets.

Some scholars are of the opinion that zakat is obligatory on it every year, appraised at its market value. If the owner does not have funds to pay the zakat, they record it until it is sold. Others believe that zakat is not obligatory until it is sold, and it is only subject to zakat for one year.