Taxation of Union properties.

(1) Notwithstanding anything contained in the foregoing provisions of this Chapter, lands and buildings being properties of the Union shall be exempt from the property taxes specified in section 114: Provided that nothing in this sub-section shall prevent the Corporation from levying any of the said taxes on such lands and buildings to which immediately before the 26th January, 1950, they were liable or treated as liable, so long as that tax continues to be levied by the Corporation on other lands and buildings. Explanation.—For the purposes of this section, property owned by a Government company or a statutory corporation, which has a corporate personality of its own, shall not be deemed to be the property of the Union.