Mr Lee owns a residential property in Hong Kong. During the year ended 31 March 2021, Mr Lee received the followings from the tenant: (1) Rent: $240,000 ($20,000 x 12) (2) Refundable deposit: $20,000 (3) Management fee: $12,000 ($1,000 per month). For the sake of convenience the tenant paid the management fee to the management office through Mr Lee. Based on the above information, the net assessable value of the above property for the year of assessment 2020/21 is:

a.

$192,000.

b.

$185,600.

c.

$201,600.

d.

$208,000.