That particular handball is not a handball under the rules because it comes off of the same player. Very similar play occurred in Iran v. Portugal that it was handball because it came off of the opposing players head and hit the defenders hand. That's the way the rule is written.
In soccer, it is understood that spirit of the law greatly supersedes the letter of it. For example, if that same play from the video happens on a cross and it glances off the player into his outstretched hand held high, you must give the penalty due to intentional advantageous unnatural position of arm.
These types of decisions where the referee uses sound judgment and proper discretion is what separates a good referee from a bad one.