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Mr Wong retired at the age of 60 on 1 July 2014. Immediately after his retirement, he withdrew RM600,000 from Employee's Provident Fund (EPF) and bought a ten acres of agriculture land costing RM800,000. The balance of acquisition cost of RM200,000 was financed by a bank loan, with interest of 6% per annum.
Required:
Problem (a) Explain with reasons, whether profit of RM400,000 is subject to income tax. Using the badges of the trade to support your arguments. (Do not apply Real Property Gains Tax when answering this question)
Problem (b) Recently, Mr Wong received a notice of additional assessment for YA 2017 amounted to RM7,000 dated 28 December 2019. He is not happy and wishes to make an appeal. Kindly advise him on what he should do, how to do it and the due date to make an appeal in order to avoid any tax penalty?
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