Once you have upgraded the BIOS on a 6-Series board to those (later) versions that support 3rd generation processors (hint: you must do this before installing the new processor), it will, to the extent possible, allow you to overclock these processors. Overclocking capabilities are more limited in 3rd generation Core processors; you don't get the full set of control knobs that you had with 2nd generation Core processors (this is a processor generation-specific issue; it is independent of the motherboard you use; that is, the same limitations would exist if you had a 7-Series motherboard). Still, for most folks, who don't fiddle with much beyond the clock multiplier, I have heard few complaints (we really need paramountain to chime in here. I believe that he has played with this more than most).
All that said, your 6-Series board is four generations and five years old. It is nearing the age where component failures are going to start to appear and you will likely soon start to run into compatibility issues as you try to upgrade major components (like video, which you will eventually need to do for many emerging games). I recommend that you look seriously at getting a 6700K, a good Z170 motherboard, lots of DDR4 RAM and a new PSU...
Thanks Scott for provide the correct information about; Please Ajinta bear in mind that Intel customer support does not provide over clocking recommendations, I suggest you to wait for some community members to chime in and post over clocking details for your motherboard and processor