Subject to the other provisions of this Chapter, land and rights therein taken away or abridged by section 4 or section 5 or section 6 shall be deemed to have been acquired by the [Union territory of Jammu and Kashmir] with effect from the date such land or rights are vested in it and payment in lieu thereof shall be determined and made in accordance with the provisions of Schedule III :
Provided that where an ex-landlord resumes land, he shall not be entitled to any payment in lieu of extinguishment of his rights in the land, remaining after resumption with the tiller, except for the area of land, if any, by which the area actually allowed to be resumed under sub-section (3) of section 7 falls short of the area that was resumable under clause (f) of sub-section (2) of section 7 and the right of such ex-landlord to recover rent under section 9 shall cease, except to the extent indicated above, as soon as he is given possession of resumed land :
Provided further that where any land is held by a person in personal cultivation he shall be entitled to compensation for his rights in any portion of such land, as is within the ceiling area applicable to him under any law for the time being in force or any building or structure standing thereon or appurtenant thereto, at the market value thereof.