Visual Studio 2012 Error: Unable to Open Transact SQL file in custom editor

Recently I have installed Visual Studio 2012, after that whenever I tried to view any SQL file from source control I was prompted with an error "Unable to Open Transact SQL file in custom editor". or
Incorrect version SQL Server Data Tools installed or
SQL Server Data Tool installed is incompatible with current version of Visual Studio.

To overcome this issue install SQL Server Data Tools 2012 manually. Download Link

Alternatively, when you try to create a new SQL Server Project, you will be presented with SSDT Web install option.

File -> New Project -> SQL Server