Capital gains on ULIP maturities: receipts not covered by policy exemption taxed as capital gains, computed under prescribed rules. Receipts under Unit Linked Insurance Plans that do not qualify for the policy exemption are chargeable as capital gains; taxable income is computed in the prescribed manner with first-time receipts measured as consideration (including bonuses) less aggregate premiums paid and subsequent receipts adjusted for amounts and premiums already taxed. Death benefits remain exempt irrespective of premium limits. The provision applies where exemption is inapplicable, including under aggregate-premium tests and other premium thresholds, and distinguishes equity and debt ULIP holding-period treatments.