2. Mr. Daniel, a Canadian citizen, acquired a landed property in Penang, Malaysia under an agreement dated 28 August 2017 for RM820,000 through an agent. He was charged stamp duty of RM18,600, legal fee of RM6,190 and an agent fee of RM24,000. Upon acquiring the property, he carried out a renovation to the property which cost RM30,000. In late September 2019, he wanted to acquire another property and decided to sell off the property acquired in 2017. He initially advertised the property for sale (that cost him RM1,000) but later finding it inconvenient. He then engaged a qualified property agent to manage the sale. The agent valued the property between RM900,000 and RM1 million. The property was finally sold for RM980,000, while a deposit of RM10,000 was forfeited from an unsuccessful buyer. The agent charged RM10,555 for the property valuation (done by a qualified valuer) and brokerage fee of RM38,000. Page 6 of 10 BFP3104 TAX PLANNING AND ANALYSIS / FA / S01 During the process of disposal, some issues arose regarding his title to the property at the land office. His lawyer sorted it out and charged him RM5,000 for legal fees. He had taken a mortgage loan for the acquisition of the property and as at the time of disposal, paid RM132,000 as interest to the bank up to the date of sale. Required: Compute the chargeable gain to Mr. Daniel after exemption, in respect of the acquisition and disposal of the property. Note: Marks will be awarded for the correct labelling of the stages of income in the computation. (10 marks)