(1) Where any person holding land in excess of the ceiling limit at any time during the period between the 15th day of January, 1959, and the 9th day of December, 1959, has transferred during such period any part of his land to any other person under a registered deed for valuable consideration, the excess land to be determined under section 139 shall, to the extent possible, be selected out of the land held at the commencement of this Act by the transferor in excess of a family holding and no land shall be selected out of the land transferred.
          (2) Where any person holding land in excess of the ceiling limit at any time--
              (a) during the period between the 15th day of January, 1959 and the 9th day of December, 1959, has transferred during such period any part of his land to any other person in any manner other than under a registered deed for valuable consideration, or
              (b) during the period between the 9th day of December, 1959 and the commencement of this Act has transferred during such period any part of his land to any other person in any manner whatsoever,
     the excess land to be determined under section 139 shall be selected out of the lands held at the commencement of this Act by the transferor and the transferee in the same proportion as the land held by the transferor bears to the land transferred and where no land is held by the transferor, out of the land transferred.
          (3) Where excess land is to be selected out of the lands of more than one transferee, such land shall be selected out of the lands held by each of the transferees in the same proportion as the area of the land transferred to him bears to the total area of the lands transferred to all the transferees.
          (4) Where any excess land is selected out of the land transferred, the transfer of such land shall be void.
          (5) Notwithstanding anything hereinbefore contained, the excess land to be selected shall in no case include the homestead land of a person.
          Explanation--For the purpose of this sub-section, "homestead land" means the land on which the homestead (whether used by the owner or let out on rent) stands together with any courtyard, compound and attached garden, not exceeding one acre in the aggregate.