Harry Zheng owns a residential property in Hong Kong and lets it to Paul Li under the following terms: (1) Lease period: 1 April 2020 to 30 September 2022. (2) Monthly rent: $30,000 (in which the rent for May 2020 was payable to the 19-year old daughter of Harry Zheng). (3) Rent-free period: 1 April 2020 to 30 April 2020. (4) Initial premium: $60,000 payable on 1 April 2020. (5) Refundable deposit: $30,000 upon signing the tenancy agreement (1 April 2020). The deposit was refundable upon termination of agreement and return of the property in good condition. (6) Harry Zheng is responsible for paying the rates and government rent. 5,000 per quarter in which $2,300 is for Government rent. Additional Information during the year of assessment 2020/21: Harry Zheng is a married individual. His wife, Mary, earns a yearly salary of $80,000. Mary is disabled and qualifies for a monthly claim of $2,000 under the Government's Disability Allowance Scheme. Mary's employer generously offers her a rent-free apartment to reside in. In addition to their regular expenses, Harry Zheng also made certain payments related to his rental property. He paid a total of $240,000 as mortgage loan interest for the property. Furthermore, during the Christmas period, Harry Zheng spent $80,000 to replace the furniture in the property. Paul has offered accounting services to assist Harry Zheng in maintaining his rental records. These services include the management of financial ledgers. It is found that the fair value of similar services is estimated to be $13,000 per year. In a separate matter, a former tenant who owed Mr. Zheng $80,000 in outstanding rent was declared bankrupt on 1 July 2020. This outstanding rent was for the year of assessment 2019/20, and it was acknowledged that the rent was irrecoverable once the tenant was declared bankrupt. Harry Zheng has incurred the following payment in 2020/2021: Mary has incurred the following payment in 2020/2021: Harry Zheng also earned a net assessable income before concessionary deductions of $700,000 for salaries tax in 2020/2021. Required: a) Compute the net assessable value of Harry Zheng's property for the year of assessment 2020/21 (show all workings). b) If the date of the notice for payment of provisional property tax is 3 May 2021, and the due date for payment of provisional tax is 2 June 2021, by when and how Harry Zheng should apply for the holding-over the payment of provisional tax with the Commissioner of Inland Revenue. c) Harry Zheng has appointed you as his tax advisor, write a report to Mr Zheng to discuss and suggest whether it is favourable to have the joint election of personal assessment in the year of assessment 2020/2021. The couple has already elected the joint assessment under salaries tax (Ignore tax reductions and provisional tax; show all workings)