Manjit is a New Zealand and six years ago to work in India. He has never returned to New Zealand since he left. Two years ago he purchased a residential rental property in Hillcrest Hamilton New Zealand for $930,000. He has just signed a contract to sell the property for $1,200,000. Manjit has a mortgage of $430,000 on the property and outstanding rates of $2,800. The purchaser paid Manjit a deposit of $100,000 before settlement. The Resident Land Withholding Tax (RLWT) payable by Manjit is:

Select one:

a.$20,000

b.$63,000

c.$89,100

d.$383,600