Mr Cheung (Tax No.: 6M1-37460123) is a retired person. He holds three properties at the following locations. Only the flat in Kowloon City is for his own residence purpose. Other two are for rental purpose. . Causeway Bay . Tsuen Wan Kowloon City The flat in Causeway Bay was let to Mr Wong for a two-year lease on 1 April 2018. Mr Wong paid to Mr Cheung a premium of $150,000 on 1 April 2018 and a monthly rent of $20,000 which was payable on the first day of each month. Mr Cheung paid rates of $700 per quarter and management fee of $1,250 per month to Management Company. Mr Wong paid the rent on time each month. Due to the COVID-19, Mr Wong's salary was reduced by 20%. In order to renew the tenancy agreement for another two years, Mr Cheung agreed to the following terms for new agreement. Period of lease Two years start from 1 April 2020 Monthly rent $14,000 payable on the first day of each month Refundable rental deposit $28,000 Rates $700 per quarter payable by tenant Management fee $1,300 per month payable by landlord Repair and maintenance Payable by tenant Mr Cheung received his notice of assessment of property tax for 2019/20 on 28 July 2020 with the following installments: 1 st installment (due on 1 Sept 2020) $44,245 2nd installment (due on 3 Nov 2020) $12,122 Required: (a) Given the above information, you are required to compute the property tax payable for the year of assessment 2019/20. Ignore provisional tax. (6 marks) (b) Mr Cheung is not satisfied with the demand of payment of property provisional tax, he would like to apply for the holdover of provisional tax for 2020/21 before the Ist instalment paid. You are required to help him to write a letter for the holdover by stating the latest date for application. (12 marks)Table 1 of 3: Personal allowances and deductions 2019/20 Personal Allowances Basic 132,000 Married person 264,000 Single Parent 132,000 Child lst to 9th child (each) 120,000 Additional allowance in the year of birth (each) 120,000 Dependent parent / grandparent Basic (each) 50,000 Age between 55 to 59 25,000 Additional (for each dependant residing with taxpayer) 50,000 Age between 55 to 59 25,000 Dependent brother I sister (each) 37,500 Disabled dependent (each) X Personal disability allowance (each) 75,000 Deductions Self-education expenses 100,000 Home loan interest 100,000 Elderly residential care expenses 100,000 Contribution to MPF / MPF~exempt retirement scheme 18,000 Health insurance premiums 8,000 Qualifying annuity premiums / MPF voluntary contributions 60,000 A . roved charitable donations 35.0% Table 2 of 3: Progressive tax rates Year of Assessment 2019/20 Rate On the First $50,000 2% On the Next $50,000 6% On the Next $50,000 10% On the Next $50,000 14% Remainder 17% Table 3 of 3: Standard tax rates Year of Assessment 2019/20 Salaries tax, property tax and personal assessment 15.0% Profits Tax Corporation 16.5% Others 15.0%