Finance Act, 2012 has introduced a new section 54GB to the Income Tax Act, 1961 as “Capital gain on transfer of residential property not to be charged in certain cases”

Now, in order to make the provisions of section 54GB effect, CBDT has amended the provisions of Capital Gains Accounts Scheme, 1988 vide notification dated 25-10-2012

See Capital Gains Accounts Scheme, 1988 as amended

Capital gain exemption for residential property enabled by amendment to the Capital Gains Accounts Scheme under section 54GB. Capital gain on transfer of residential property is not to be charged in certain cases under 54GB, and the Capital Gains Accounts Scheme, 1988 was amended by notification dated 25-10-2012 to provide the deposit, withdrawal and utilisation mechanisms necessary to implement the reinvestment and compliance requirements for claiming that relief.