Vincent an employee of the land office and Raymond farmer jointly purchased a piece of agricultural land in the expanding town of Nilai. In 2018 The land costing RM150,000 was financed by a bank loan. The land was subdivided into 2 sub lots and converted to commercial land in 2019. The company advertised in newspapers for the sale of the land. One piece of land was sold to a real estate developer for RM220, 000 in June 2021 and the other piece of land was sold to a car dealer for RM200,000 in December 2021.

Required 

State with reasons, whether the above transactions are subject to tax under the Income Tax Act 1967.