Harry Pather owned a three-hectare plot of vacant land as a pre-valuation date capital asset. He disposed of one-hectare (a-third) of it for R1 000 000. Before selling, it an estate agent had valued the entire property at R2 400 000. The market value of the entire property on 1 October 2001 was R1 440 000. Harry Pather elected to adopt the market value basis to determine to determine the base cost on valuation date.

You are required to calculate the capital gain made by Harry Pather on the disposal of part of the property for the current (2017) tax year.