I do not have a geotiff file, so I fiddled around with a normal tif file. You may have to omit the 3 in the shape and the slice in the writing if the data to the pytables file. Essentially, I loop over the array without reading everything into memory in one go. You have to adjust n_chunks so the chunksize that gets read in one go does not exceed your system memory.
ds=gdal.Open('infile.tif')
x_total,y_total=ds.RasterXSize,ds.RasterYSize
n_chunks=100
f = tb.openFile('myhdf.h5','w')
dataset = f.createCArray(f.root, 'mydata', atom=tb.Float32Atom(),shape=(3,y_total,x_total)
#prepare the chunk indices
x_offsets=linspace(0,x_total,n_chunks).astype(int)
x_offsets=zip(x_offsets[:-1],x_offsets[1:])
y_offsets=linspace(0,y_total,n_chunks).astype(int)
y_offsets=zip(y_offsets[:-1],y_offsets[1:])
for x1,x2 in x_offsets:
for y1,y2 in y_offsets:
dataset[:,y1:y2,x1:x2]=ds.ReadAsArray(xoff=x1,yoff=y1,xsize=x2-x1, ysize=y2-y1)