(1) Subject to the other provisions of this Act, the ownership of any land which is declared to be the non-resumable land of a tenant under section 105, or section 121 shall stand transferred from the landowner thereof to the tenant with effect from the date of such declaration, and the tenant shall become the owner of such land and be liable to pay land revenue therefor:
     Provided that where, on an application made in this behalf by any person at any time before the declaration is made under section 105 or under section 121, the competent authority is satisfied that such person holds land not exceeding a family holding, whether as a landowner or otherwise, and that his income is derived mainly from such land, the competent authority may, by order, provide that the transfer of ownership of the land shall take effect on the expiry of a period of five years from the date of such declaration.