(1) In the case of an alienation consisting of assignment of the whole or part of the land revenue of any land or village-
(i) if the alienation was continuable as hereditary without being subjected to any deduction or cut at the time of each succession, a sum equal to seven times the amount of such land revenue,
(ii) if the alienation was continuable as hereditary but subject to a deduction or cut at the time of each succession, a sum equal to five times the amount of such land revenue, and
(iii) if the alienation was continuable for the life time of the alienee, a sum equal to three times the amount of such land revenue,
shall be paid to the alience as compensation for the abolition of the alienation.
(2) For the purpose of sub-section (1), the amount of land revenue shall be the amount received or due to the alienee on account of assignment of land revenue for the year immediately preceding the appointed date.