19" LCDs from Dell start at 9K, but other brands might give you for 8.5K.
Biostar 780G motherboard for Rs. 3150.
160GB HDD 7200RPM from Seagate or WD for 1.8K.
UPS - forgot brand, but the good ones cost around 2.5K.
iBall Bijli cabinet with 400W PSU for 1.5K
AMD Athlon X2 4400+ CPU for 2.7K.
Transcend 1GB+1GB DDR2 667MHz RAM for Rs. 1.5K.
If cost does not work out, consider replacing mobo with a GeForce 7050 based board for Rs. 2150, but beware that this seriously reduces graphics performance and number of expansion slots will be highly limited.