Section 6
SEC. 6. Any individual who realized capital gains from a sale, exchange or other disposition of real property prior to the effectivity of this Act but has not yet reported the same or a portion thereof for income tax purposes may elect to declare such gains and pay the tax thereon without penalty nor civil or criminal liability, within one (1) year from the effectivity of this Act, at the rates prescribed in Section 34 (h) of the National Internal Revenue Code, as amended by this Act, in the same manner as provided therein. The Minister of Finance, upon the recommendation of the Commissioner of Internal Revenue, shall promulgate rules and regulations necessary to implement the provisions of this Section.