noun (n)

• immunity from an obligation or duty(noun.state)

  Synonym:
  freedom
  

  source: wordnet30
• a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.)(noun.possession)

  Example:
  Additional exemptions are allowed for each dependent.
  

  source: wordnet30
• an act exempting someone(noun.act)

  Synonym:
  granting immunity, immunity
  

  source: wordnet30
• 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.(noun)

  source: webster1913