TDS on immovable Property Sale – Comes back again to haunt you!!!

TDS on the value of property – (Old wine in new bottle) – Applicable from June 01, 2013
In union budget 2012 also, our honorable finance minister introduced the provision of deducting 1% TDS on the value of property. However later on, that provision was withdrawn due to its complexity in mechanism.
Now the provision has been brought back –
TDS at the rate of 1% shall be charged on the value of transfer of immovable property where the consideration exceeds Rs 50 lakh. However, agricultural land will be exempt.
Although the provision has been introduced to keep a check on under reporting of transactions in the real state sector, but one really does not know what purpose would be solved by way of introduction of this levy.
Some areas to ponder upon
1. Whether even the individuals selling the properties, will now be required to obtain the TAN numbers for the purpose of meeting the singular TDS compliance of deducting and paying the service tax.
2. Whether the value that is being talked of is the actual transaction value or the stamp duty value as mentioned in Section 50C of the Income Tax Act.
3. Will the seller be given a NIL rate certificate by the department in advance, if he plans to invest in the some tax saving provisions say Section 54 / 54EC etc.
4. Point of taxation would be the date of agreement / date of sale deed / date on which payments have been made, should also be cleared. That is the point at which the TDS is required to be deducted by the buyer.
5. What does one mean by agricultural land? Is it necessary that some agricultural activity should have been carried on the land to get the exemption?
All these issues need some clarification!