Karima Limited acquired a 30 year leasehold property on 1 February 2015 for P600,000. On 31 July 2020, Karina Limited sold the leasehold property for P900,000. On 1 September, the company acquired another leasehold property fir P1,000000 with a period of 35years. The company made an election for holdover relief. REQUIRED (a) Explain the tax implications to a lessee of disposal of leasehold property (b) Calculate the net allowance granted under income tax (c) Calculate the chargeable gain or loss arising on the disposal of the leased property (d) Compute the holdover or rollover relief and explain the conditions that Karima should meet in order to be granted the holdover relief.