12. Exemption from income tax of certain profits and income from lands and improvements thereon

the net annual value of not more than one place of residence owned by, and occupied by or on behalf of an individual ;

the income accruing to the owner of a house for the year of assessment in which the construction of that house was completed and for the six years assessment immediately succeeding that year of assessment, if such house is used solely for residential purposes and—

is occupied by the owner thereof ; or

has a floor area (inclusive of the thickness of the walls) of not exceeding two thousand square feet :

the income accruing to the owner of a house, the income from which was or is not exempt from income tax under paragraph (b) of this subsection and which house is converted into two or more places of residence, each such place of residence being separately assessed for the purpose of rates, such income accruing being the income from any such place of residence for—

the year of assessment in which such conversion was effected and for the five years of assessment immediately succeeding that year of assessment, if the floor area of such place of residence does not exceed one thousand square feet ; or

the year of assessment in which such conversion was effected and for the three years of assessment immediately succeeding that year of assessment, if the floor area of such place of residence exceeds one thousand square feet but does not exceed two thousand square feet ;

the net annual value of any land and improvements thereon owned by a body of persons the primary object of which is the promotion of any sport which is recognized as a sport for the purposes of the Sports