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Taxability of monthly annuity recd. under Pension Plans

This query is : Resolved 
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24 May 2010 An annuity policy was taken from LIC of India. Upon maturity, only 25% of the maturity value was paid and the balance will be paid as monthly annuity over a period of time as per the terms of policy.

We know that the lump sum amount received (25%) is not taxable. Pls tell me whether the monthly annuity received by the policy holder will be taxable or exempt. Kindly refer to the relevant provision and section.
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CA Vijay Kumar Gupta

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CA Vijay Kumar Gupta (Expert)
24 May 2010 yes it is taxable under the head income from other sources.
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