Property Tax Mr. A set up a company, Good Limited, in March 2020 to hold property for investment purposes. Good Limited acquired a commercial unit in Kwun Tong. Good Limited immediately leased out the commercial unit for four years, commencing on 1 April 2020, and the business was regarded as having commenced on that day. The terms of the lease are as follows: - Rent: $40,000 per month, payable on the first day of each month. - Rental deposit: $80,000, paid upon signing of the lease in March 2020. - Rent-free period: one month from the start of the lease. - Lease premium: $90,000 paid upon the signing of the lease. - Rates and government rent: $6,000 and $3,600, respectively, per quarter payable by the owner (ignore any rates concession). - Management fee: $5,000 per month payable by the tenant. The owner will collect the management fee together with the rent every month and pay the management fee to the building management office. On 9 April 2021, Good Limited received the property tax return for the year of assessment 2020/21 in respect of the commercial unit. The property tax return was filed on time and property tax was paid in October 2021. Good Limited carried on property letting business in Hong Kong. On 20 May 2022, Good Limited received the profits tax return for the year of assessment 2020/21. Mr. B wonders if he has to report the rental income again in the profits tax return, as the property tax has already been paid. Required: (a) Compute the property tax liability in respect of the commercial unit for the year of assessment 2020/21. Ignore provisional tax. (b) Advise Mr. B on (i) whether the rental income is subject to property taxand/or profits tax; and (ii) whether there are any reliefs available if the rental income is subject to double taxation