<h1>Section 54GB: Tax Exemption on Capital Gains for Residential Property Transfers Introduced in Finance Act, 2012 by CBDT Amendment.</h1> The Finance Act, 2012 introduced Section 54GB to the Income Tax Act, 1961, which exempts capital gains tax on the transfer of residential property under specific conditions. To implement this, the Central Board of Direct Taxes (CBDT) amended the Capital Gains Accounts Scheme, 1988, as announced in a notification dated October 25, 2012. This amendment aims to facilitate the application of Section 54GB, allowing taxpayers to benefit from tax exemptions on capital gains when transferring residential properties, provided they meet the stipulated criteria.