Wins Ltd owns Property A in Hong Kong. The purchase of the property was financed by a mortgage loan from Hong Kong Bank. On 1 October 2019, the property was let to Mr Choy for a period of 4 years under the following terms: a. monthly rent: $10,000 payable on the first day of each month; b. lump sum premium: $240,000 payable on 1 October 2019; c. management fee: $1,000 per month payable by tenant; and d. rates and government rent paid by tenant. During the year ended 31 March 2021, Wins Ltd incurred the following expenses in relation to Property A: - repairs: $40,000; and mortgage loan interest: $105,000. Wins Ltd also carries on a general trading business in Hong Kong. However, it makes no application for exemption from property tax. It derived an assessable profit of $100,000 for the year of assessment 2020/21. The above income and expenditure in relation to the property had been included in the accounts of Wins Ltd and adjusted in the ascertainment of its assessable profits. Required: a. Compute the property tax payable by Wins Ltd for the year of assessment 2020/21. Ignore provisional property tax. b. Compute the net profits tax payable/refundable by Wins Ltd for the year of assessment 2020/21, if property tax for the year of assessment 2019/20 has been paid. c. Advise Wins Ltd on the conditions for an application for exemption from property tax.