Taxability of lic maturity

This query is : Resolved 

27 May 2015 If LIC Premium does not satisfy the conditions as required u/s 80C (i.e not eligible for deduction u/s 80C)then the proceeds of Maturity of the same policy will be taxable under which section? (Please answer with reference to the wordings of the Bare Act)

27 May 2015 It will be taxable under residual head of income from other sources


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