Tax planning on sale of urban land

Tribhuvan Aditya Singh (Student as well as Self-employed)   (3710 Points)

14 May 2014  
one of my relatives wants to sell his urban land purchased at rs. 10000 before 1981. the buyer is ready to pay 25lakhs (white money) but seller doesnt want to show all 25lakhs in the registry papers for sale of land but ready to pay tax on ltcg as computed on 25lakhs or avail benefit of sec. 54. now my query is that whether he can do registry of value less than 25lakhs and on the other side show in ITR total 25lakhs as sale value???? or is there any other way of tax planning other than sec. 54??