Source : Webster's Revised Unabridged Dictionary (1913)

Exemption \Ex*emp"tion\, n. [L. exenptio a removing: cf. F.
   exemption exemption.]
   The act of exempting; the state of being exempt; freedom from
   any charge, burden, evil, etc., to which others are subject;
   immunity; privilege; as, exemption of certain articles from
   seizure; exemption from military service; exemption from
   anxiety, suffering, etc.

Source : WordNet®

exemption
     n 1: immunity from an obligation or duty [syn: {freedom}]
     2: a deduction allowed to a taxpayer because of his status
        (having certain dependents or being blind or being over 65
        etc.); "additional exemptions are allowed for each
        dependent"
     3: an act exempting someone; "he was granted immunity from
        prosecution" [syn: {immunity}, {granting immunity}]