The following lands and buildings shall be exempted from payment of the tax on lands and buildings, that is to say :-
(a) lands and buildings vesting in the Central Government ;
(b) lands and buildings vesting in the State Government or belonging to a municipality, a Zilla Parishad or Cantonment Board and used exclusively for public purposes, and not used or intended to be used for purposes of profit ;
(c) building and lands vesting in the Trustees of the Port of Bombay, and not used or intended to be used for the purposes of profit ;
(d) wharves, docks, piers, railways and lighthouses (as defined in the Bombay Port Trust Act, 1879 (Bom. VI of 1879), vesting in the Trustees of the Port of Bombay, and used as such, and such other properties vesting in the said Trustees as the State Government may notify in this behalf ;
(e) lands and buildings or portions thereof belonging to a public trust registered under the Bombay Public Trusts Act, 1950 (Bom. XXIX of 1950) [or a wakf registered under the Wakf Act, 1954 (XXIX of 1954)] and exclusively occupied for public worship or for charitable purposes ;
(f) lands and buildings, the annual letting value of which is less than seventy-five rupees :
(g) open lands (other than those within the limits of greater Bombay and The Cities of Poona, [Sholapur, Kolhapur] and Nagpur).
Explanation.- For the purposes of this section-
(1) the following lands and buildings or portions thereof shall not be deemed to be exclusively occupied for public worship or for charitable purposes, namely :-
(a) those in which trade or business is carried on ; and
(b) those in respect of which rent is derived, whether rent is or is not applied exclusively to religious or charitable purposes ;
(2) where any portion of any land or building is exempt from the tax by reason of its being exclusively occupied for public worship or for charitable purposes, such portion shall be deemed to be a separate property;
(3) "open land" means land which is not built upon or enclosed.