You can consider this.
Processor-AMD Phenom II X4 965 for Rs.6500.
RAM-4 GB DDR3 Corsair Ram for Rs.1200.
Motherboard-Gigabyte GA-880GM-USB3 for Rs.4800.
Cabinet-Cooler Master Elite 311 for Rs.1900.
Monitor-Dell ST2220L for Rs.7800.
Power supply-Seasonic S12II 620 620W Bronze Certified PSU for Rs.4600.
Graphics card-MSI N560GTX-TI Twin Frozer II/OC for Rs.15150.
Total-Rs.41950.
Slightly over your budget but a nice configuration.you can reduce cost by going with Benq G2220HD for Rs.7000 and Zotac GTX 560 Ti model for Rs.14000.