Arashdeep is a computer programmer who has purchased a block of land in Point Cook, Melbourne on 1 January 1983. On 30 September 1987, Arashdeep built a two-storey house on the land. At the time, the land was valued at $120,000 and the cost of construction was $80,000. The property has been rented out since construction was completed (Not a primary residence of Arashdeep). On 30 March 2020, Arashdeep sold the property at auction for $950,000.

(a) Based on the information above, determine Arashdeep's net capital gain or net capital loss for the year ended 30 June of the current tax year (19/20). (10 Marks)

(b) How would your answer to (a) differ if Arashdeep sold the property to his Son for $200,000? (3 Marks)

(c) How would your answer to (a) differ if the owner of the property was a company instead of an individual? (2 Marks)