Question 3 (Total 14 marks) Mr. Ng owns a flat in Hong Kong. He let on a two-year lease commencing on 1 June 2021 for a premium of HK$240,000, monthly rental of HK$20,000 and a monthly service fee of HK$1,500. Mr. Ng paid yearly rates of HK$5,500, government rent 3,500 and incurred HK$25,000 on essential repairs during March 2022. The tenant has paid repairing fee HK$3,000 for Mr. Ng to repair the kitchen and Mr. Ng paid back HK$2,000 to the tenant. Required Compute the property tax payable for Mr. Ng for the year of assessment 2021/22. (Ignore rates concession and provisional tax) (14 marks)