Meaning & Definition of word "Exemption"

Exemption

/ɪɡˈzɛmʃən/

1. the process of freeing or state of being free from an obligation or liability imposed on others.
- Example: The charity received an exemption from paying property taxes.
2. a formal release from liability or obligation.
- Example: Students may apply for an exemption from certain course requirements.
3. the right to be free from a specific duty or obligation.
- Example: She was granted an exemption from jury duty due to her medical condition.
4. a specific amount of income or property that is not subject to tax.
- Example: Many taxpayers may qualify for an exemption that reduces their taxable income.
5. a situation or condition that allows an individual to be free from the restrictions or rules that typically apply.
- Example: The athlete received an exemption to compete despite a recent injury.

From Latin 'exemptionem', meaning 'a taking out' or 'release'.

tax exemption:

A reduction in the amount of tax owed, usually provided to certain individuals or organizations.

exemption clause:

A provision in a contract that exempts a party from certain liabilities.

full exemption:

Complete freedom from an obligation or requirement.

exempt:

To free from an obligation or rule.

exemptible:

Capable of being exempted; eligible for exemption.

Meaning: Get out of jail free card

Example Sentence: That tax exemption felt like a get out of jail free card for my finances.

Meaning: Freebie

Example Sentence: Having that exemption was like getting a freebie on my tuition fees.