And you my even get away with a 22" Dell LCD (E228WFP about Rs. 15k). Buy an external LCD TV tuner for the LCD and hook the system to ur music system via an amp.
any brand suggestions for that external tv tuner and can it also control volume ?
other than that i'm tempted to think the suggestion of getting a monitor is better if for no other reason that it will depreciate less in value (dual-use) than a TV over time