Exemptions from taxation.
Section 29
SEC. 29. Exemptions from taxation.—Lands and buildings owned by the United States of America, the Commonwealth of the Philippines, the City of Tagaytay, the Province of Cavite, and burying grounds, churches, and their adjacent parsonages and conventos, and lands or buildings used exclusively for religious, charitable, scientific, or educational purposes, and not for profit, shall be exempt from taxation; but such exemption shall not extend to lands or buildings held for investment, though the income therefrom be decoyed to religious, charitable, scientific, or educational purposes.