Question 2 (25 marks) Mr Chan runs his own consultancy business in Hong Kong as a sole proprietor. In the year ended 31 March 2021, the business had an assessable profit of $330,000 before the deduction of approved charitable donations of $40,000. He is also the Marketing Manager of Moon Limited which the company is registered and operated in Hong Kong. He received an annual salary (before a 5% mandatory provident fund (MPF) deduction) of $960,000 from Moon Limited for the year ended 31 March 2021. Mr Chan's spouse, Mrs Chan, is employed as a shipping clerk by Sun Limited in Hong Kong with an annual salary (before a 5% mandatory provident fund (MPF) deduction) of $180,000 for the year ended 31 March 2021. Mrs Chan had made a cash donation of $90,000 to Po Leung Kuk on 15 December 2020. The couple jointly owns a property in Tsuen Wan and the property is occupied by them as their primary residence. The property is financed by bank mortgage loan and the mortgage loan interest for the period from 1 April 2020 to 31 March 2021 is $80,000. Mr Chan also wholly owns another property in Sheung Wan, which has been leased out for rent since 1 January 2019 under 3-year lease agreement with a monthly rental of $25,000. The rates for the Sheung Wan property are $2,800 per quarter and is paid by Mr Chan. Mr Chan's mother, aged 62, lives with Mr and Mrs Chan. Mr Chan's father, aged 64, resides in a registered nursing home in Hong Kong at a cost of $14,400 per month, which is paid by Mr Chan. During the year, Mr Chan's father was declared disabled by the Yan Chai Hospital and an approval for the receipt of the Government's Disability Allowance was received by him in November 2020. Mr and Mrs Chan have an 18-year old son who is receiving full-time education in The University of Hong Kong in the year of assessment 2020/21. Mr and Mrs Chan have jointly elected personal assessment for the years of assessment 2020/21. Required: Calculate the net chargeable income and tax payable of Mr and Mrs Chan under personal assessment for the year of assessment 2020/21