Exemptions

Exemptions.

1. (1) The tax shall not be leviable in respect of the following properties, namely :-
   • (a) buildings and lands vesting in the Central Government ;
   • (b) any property vesting in or owned by the Government or a local authority ;
   • (c) any property unit or properties in a rating area owned by a person, the annual value or the aggregate annual value whereof does not exceed Rs. 3000 ;
   • (d) property held in trust wholly for charitable or religious purposes ; Provided that the income derived therefrom is exclusively applied to such purposes ; (e)
   • (a) Property exclusively used for charitable or religious purposes and property owned by a charitable or religious institution or body and placed at the disposal of any such charitable or religious institution or body for charitable or religious purposes free of rent or in lieu thereof, or
   • (b) in respect of which rent or any other income is derived and such rent or income is exclusively applied for religious or charitable purposes or given away as donations to such public charitable purposes or religious institutions as may be prescribed ;
   • (ee) Nothing in clauses (d) and (e) shall apply to the portion which is used as premises of educational, medical or any other institutions carrying on an activity for profit which is not exclusively applied to religious or charitable purposes ; Explanation :--(i) "Charitable purposes" includes education, medical relief, advancement of any other object of general public utility ;
     • (ii) "Property" includes buildings and lands ;
   • (f) such buildings and lands used for the benefit of ex-servicemen as may be prescribed ; and
   • (g) buildings valuing less which are exclusively used for residential purposes by the owner and his family.
2. (2) The Government may, by notification, exempt in whole or in part from payment of tax any person or class of persons or any property or description of property for such period as it may think fit, and may renew such exemption as it may consider to be necessary.