Exemption meaning
The state of being exempt; immunity.
noun
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.
noun
An exception to the ordinary operation of law, as:
- An exception of certain property from bankruptcy or taxation.
- 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.
- Excuse from performance of a legal duty, such as release from serving in the military or as a juror.
noun
An exempting or being exempted; freedom or release from a liability, obligation, etc.; immunity.
noun
The exempting from an individual's taxable income of a specified sum for the taxpayer and each dependent.
noun
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The sum specified.
noun
Any such dependent.
noun
The state of not being subject to a responsibility held by others; in taxes, an amount subtracted from gross income to determine taxable income.
noun
The act or an instance of exempting.
noun
Origin of exemption
From Old French exemption, from Latin exemptio, from eximere