The ruling African National Congress said the committee felt due to "the extreme importance of the matter" it should be given sufficient time and thus dealt with by the newly elected parliament.
An ombudsman last month found that Zuma unduly benefited from the millions spent on the renovations at his country homestead, which included a helipad, a swimming pool and even a chicken coop. He said the president should reimburse some of the "excessive" costs.
"This is a pretty shameful state of affairs. The ANC claims the committee does not have the time to do the work. We have yet to hear... From the ANC on what the work is," said the Democratic Alliance's parliamentary leader, Lindiwe Mazibuko.
Zuma is seeking a second term in the May 7 polls, which come as many South Africans are angry about the ANC-led administration's handling of corruption cases, and the failure to create jobs and provide basic services like housing.
"We want to do justice to this matter. That is why we are saying time is against us," ANC Deputy Chief Whip Doris Dlakude said.