Just to start 50,000Rs is about 1,125USD. Most readers here are in the US.
Really there are not any HUGE differences between AMD and Intel, but I cannot go into details because I am Intel user and have never researched into AMD.
With that said AMD usally provides similar but not on par performance to Intel at a lower price. But with your budget you should be able to build a good Intel or AMD system. Keep in mind I dont know if there are price differences on hardware in your country compaired to the US.
Find some CPU's from each company that are within your price range and use the tool above to see if they have the performance level you want to get. You did not mention other system parts so keep in mind prices for your other parts: PSU, Motherboard, RAM, Hard Drive, CD Drives, Heatsink/Fans, and Case.
Well, AMD is the budget platform, (this absolutely doesn't mean that they are bad) it'll give you the best bang-for-your-buck, and Intel is the more expensive, although performance leader counterpart. For gaming many people choose AMD because they can save a good amount of money from the AMD platform (CPU/MB) and buy a better GPU, whereas those people that have a little bigger budget (like you) usually tend to go for Intel platform.
I'd suggest that you get a Core i5 760 and a good P55 mobo (like Gigabyte's GA-P55-USB3), you have the budget for it. Pair that with a MSI Hawk GTX460 1GB GPU, Corsair/Kingston 4GB DDR3 (2x2GB) RAM and a Spinpoint F3 1TB HDD and you will have a powerfull midrange gaming rig.
And some nice case (like the CM 690 II) and a good PSU (Corsair 650HX 650W, you don't need a 650W PSU for that rig, just in case that you want to do SLI later)
Very well placed comments by the above two posters. Being neutral, yet informative.
As an addition, AMD is more gaming minded instead of being an all rounder. This is probably the first thing you need to consider. And of course, the price issue, which will be a non-issue if you happen to live near a Microcenter where they sell Intel CPUs significantly cheaper than others.
I'm an AMD Athlon II user myself. The reason is simple: it's cheaper with the performance equal to Intel's equally performing yet more expensive CPU. But don't let this fact cloud your judgment. With that budget, you can build a decent gaming PC with both platforms.
In the end, it all comes down to your budget. I suggest to focus more on the GPU than the CPU, since gaming mainly depends on it.
For a PC intended purely/primarily for gaming and on a single video card or Crossfire setup, AMD presents the best options.. Intel is the better (and by some distance, only) option when considering SLI.. Considering your budget, i'll suggest going for an AMD setup.. It'll give you enough savings to invest in stuff, more important to gaming..