Look at Denon AVR 1507 and 1707 - both under 30k. It is marketed by ProFX (PROFX - the home theatre specialists). I don't have experience with the new Yamaha receivers but in the past I have found that the entry-level ones are quite disappointing especially in the music department. Also look at Cambridge Audio 540R V3 receiver (Fx Entertainment).
It is well past Diwali according to the requirements of the original poster. However, I would like to share some of my views from auditioning various receivers over the past two months.
I completed an audition of Cambridge Audio receiver 540R yesterday. And, if music is of primary importance, CA receivers offer a very good deal. In Bangalore, the 340R is available for about Rs. 26000 and 540R for about Rs. 31000. These two represent a very good deal. Both of these receivers feature toroidal transformers, unheard at this price range. I believe, that the receiver that do well with music will mostly do well with movies also. However, the other way around may not be true.
The only thing is that the CA receivers lack features. Both these receivers have HDMI, but it is switching only. So you cannot receive your audio through HDMI. You need a seperate connection for that. There is no auto calibration. Also, 340R is 5.1 receiver while 540R is 6.1 receiver. However, it more than compensates where it matters.
If features are important along with music, Marantz offers the best deal. If music is not that important, then Denon and Onkyo are the way to go. Yamaha is also highly recommended for movies in various forums, however I have not auditioned them and hence will not comment on them.
If you are interested in music but are buying a a/v receiver as a compromise, I would recommend to add CA and Marantz receivers on your must-audition list.