Mr. Chan decided to rent out one of his properties, and spent $200,000 to renovate the property in order to maximize the rental income.  He finally rented the property for $50,000 per month for a three year term starting from 1 January 2019.  How much can he claim for statutory deduction under property tax for the year of assessment 2020/21? Select one: a. $30,000 b. $120,000 c. None of above d. $200,000

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