Question 17 Mr. and Mrs. Leung entered into a sale agreement in December 2012 in respect of a residential property located in Wanchai, Hong Kong. The property was acquired by them under joint names in October 2012. As a result of the sale, Mr. and Mrs. Leung earned a gain of HK$1 million. In a meeting with Mr. and Mrs. Leung, you also found that during the period from January 2012 to December 2012, they have entered into similar transactions of buying and selling two other properties in Hong Kong. Total gain earned was around HK$2.5 million. Required: As a tax consultant, advise Mr. and Mrs. Leung whether or not the gain earned from the property transactions would be subject to any tax in Hong Kong. You should also mention what additional information is required for your analysis