Zaid and Bakr both inherited a house from their deceased father, 50% each. The value of the house is £100k. Zaid says he'll keep the house and give Bakr £50k. Does Bakr need to give zakat on the £50k that he is owed and would Zaid minus £50k from his zakatable assets?
بِسْمِ اللهِ الرَّحْمنِ الرَّحِيْم
In the name of Allah, the Most Gracious, the Most Merciful
In order for the wealth to be eligible for Zakah a person has to
(a) have ownership of it;
(b) be able to use it (this excludes lost wealth property and debt which is denied by the borrower);
(c) growth (e.g. agricultural products, or wealth made or kept for growth, like wealth invested in business or grazing animals, or naturally they are considered growing wealth like gold and silver or any form of money);
(d) the wealth has to be in excess over basic needs (e.g. household expenditure such as food, clothes, utility bills etc.);
(e) The passing of a lunar year;
(f) Nisab (the minimum threshold for Zakat payment).
There is no Zakat on property or furniture because it is not wealth that is growing. However, if Bakr intends to sell his share of the house, Zakat will only be paid when the money is received and a lunar year has passed over it.
Only Allah knows best
Written by Imam Abdul-Malik Sheikh
Checked and approved by Mufti Mohammed Tosir Miah
Darul Ifta Birmingham
 Al-Lubab Fi Sharh al-Kitāb Vol.1 p.111, Dar al-Ma’rifah Edition