exemption[eg zemp′s̸hən, ig-]
- Exemption is defined as freedom from an obligation, duty or consequence.
When everyone else is required to attend a meeting and you don't have to attend, this is an example of a situation where you have an exemption.
- an exempting or being exempted; freedom or release from a liability, obligation, etc.; immunity
- the exempting from an individual's taxable income of a specified sum for the taxpayer and each dependent
- the sum specified
- any such dependent
Origin of exemptionMiddle English exempcioun ; from Old French exemption ; from Classical Latin exemptio
- a. The act or an instance of exempting.b. The state of being exempt; immunity.
- An exception to the ordinary operation of law, as: a. An exception of certain property from bankruptcy or taxation.b. The deduction of a certain amount in the computation of net income with regard to taxation, allowed for an individual, that individual's dependents, and certain characteristics, such as blindness or age.c. Excuse from performance of a legal duty, such as release from serving in the military or as a juror.
exemption - Legal Definition
The state of not being subject to a responsibility held by others; in taxes, an amount subtracted from gross income to determine taxable income.