Exemptions from taxation.
Section 26
SEC. 26. Exemptions from taxation. - The following shall be exempt from taxation.: (a) lands or buildings owned by the United States of Arierica, the Commonwealth of the Philippines, the G ty of Lansalai, the Province of Lanao, and burial grounds, duird.es, and their adjacmt parsonages and convents, and lands or buildings used exclusively for religious, charitable, sciaitific, 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 devoted to religious, charitable, sciaitific, or educational purposes; (b) lands or buildings which are the only real property of the owner, and the value of vtoidi does not exceed two hundred pesos; (c) machinery, which term shall embrace machines, mechanical contrivances, instruments, appliances and apparatus attached to the real estate, used for industrial, agricultural or manufacturing purposes, during the first five years of the operation of the machinery.