Is Zakat obligatory on land that was bought with the intention of building on it, then offered for sale due to lack of funds, and what is the ruling on paying Zakat in installments if the amount is not available when a year has passed?

Zakat (definition) becomes obligatory on the sold land if its price has been received and a full year has passed since its receipt. The year (hawl) begins from the day the payment is received. Debts do not nullify zakat if the zakat payer owns other assets, such as goods or animals, with which to repay the debt. If he possesses nothing but the price of the land, then he should deduct the debt from the land's price and pay zakat on the remainder if it reaches the nisab (definition). It is not permissible to pay zakat in installments; rather, it must be paid in full when the hawl is due. There is no zakat on the land before it is sold.