Is zakat obligatory on land purchased for the purpose of sale, a portion of which was relinquished for submission to the Real Estate Development Fund, and another portion of which was relinquished to the wife for sale to the bank then repurchased in installments to provide liquidity for construction? And is zakat paid for one year upon sale or for more than one year?

Zakat (definition) is obligatory on land if it was purchased with the intention of trade every year. It should be valued at its market price at the completion of a hawl (lunar year), and a quarter of a tenth (2.5%) of its value is to be given. However, if it was purchased with the intention of selling it only when needed, then there is no Zakat on it unless it is sold and a hawl passes on its price. If the land was registered under other names for a specific purpose and it was not a real sale, then Zakat is obligatory on the original owners if they had purchased it with the intention of trade. The transaction in which the land was nominally registered in the wife's name, then purchased from the bank and sold in installments, is not permissible due to the element of stratagem involved.