There are two builds you coulod do with your budget, & you can go as per your preference. I'll give the approx prices.
AMD build:
Processor - AMD Phenom II X4 955 BE Rs 8,500
Motherboard - ASUS 785G M4A Rs 7,500
RAM - Patriot 4 GB (2 X 2 GB) DDR3 Rs 5000
HDD - Seagate Barracuda / Western Digital Caviar Black 1 TB Rs 3000 - 3500
Graphic card - ATI Radeon HD 5770 Rs 10,500
Case - Coolermaster Elite 334 RC Rs 2,200
Power supply - Cooler master Extreme power Plus 500W Rs 2900
Total - Rs 40,100
Intel Build
Processor - Intel i5-750 Rs 10,500
Motherboard - Gigabyte GAP55 w/ USB 3 Rs 8500
RAM - Patriot 4 GB (2 X 2 GB) DDR3. Rs 5000
HDD - Seagate Barracuda / Western Digital Caviar Black 1 TB Rs 3000 - 3500
Graphic card - ATI Radeon HD 5770 Rs 10,500
Case - Coolermaster Elite 334 RC Rs 2,200
Power supply - Cooler master Extreme power Plus 500W Rs 2900
Total - Rs 43100
[1] First of all, do you intend to purchase these parts online & assemble them? Then there's no problem. But if you're purchasing from a local retailer, he might not have everything I listed, notably the particular brand of RAM, & more importantly, the case & the power supply. In that case, just ask him for a 4 GB DDR3 kit, min 500W power supply & a compatible case.
[2] I could've recommended you the 6 core processor of AMD, but it overshoots your budget; also it's performance is nearly similar to the 955 BE. You could also overclock the 955 BE easily by simply increasing it's multiplier (post any questions you have about overclocking in a different thread)
[3] From the two builds, the Intel will be the stronger gaming performer.
However, the AMD build has stronger future proof credentials since it reportedly supports many future AMD CPUs. This doesn't mean that the Intel won't last long, it's just that you might not be able to buy a processor in the future which would be supported by the platform.