I'd suggest you go for :-
Processor - E7200 Rs. 5.9k
Motherboard - Abit IP35-E Rs. 5.4k
RAM - Transcend 4GB (2x2GB) DDRII 800 Rs. 4k
HDD - WD 640 GB 4.2k
Graphics Card - ATi HD4850 Rs. 12k / 8800GT Rs. 10k
Monitor- Dell SE198WFP Rs.10k
Cabinet - Zebronics Bijli(Without PSU) Rs. 1.2k
PSU - Corsair 450VX Rs. 3.2k
CPU Heatsink - Thermalright Ultima 90 / CoolerMaster Hyper212 / Xigmatek HDT S1283 Rs. 2.5k
Glacial Tech fans x 3 = Rs. 750
Logitech Combo Rs. 700.
Speakers Altech Lansing ATP3 2.3k
Total - 52200
I've stated the 8800GT as the resolution of a 19incher you wouldnt notice much a of a differance.
You could go for a better cabinet like the CM 690 or maybe the MX 518 but that depends on personal choice.