Hi,
The decision of what will suit your budget, the appearance and features will boil down to what appeals to you ....for this you need to do ample auditions / demos of various systems to take a call.....with the festive season around the corner, i am sure there would be many deals around where dealers would be offering freebies with products you purchase....
If you are looking for a basic LED with USB movies slot and HDMI, i feel personally that Sharp or Toshiba is good value for money in terms of required performance, connectivity and warranty......its best you see a couple of brands side to side at a Vijay Sales / Croma / E zone and shortlist what appeals to you...a simple google search would also reveal which brand / model has many issues / complaints....a LED TV of 42-50 inches would cost easily between 50-60k.....all depends on which brand / model you select...please choose wisely and make sure you view the screen from all sides as lighting of the showroom will defer with the lighting of your home.....
If you are looking out for a compact 'Home Theatre in a Box (HTiB)' look at Sony IV 300 which seems to be the latest hype among some members which has quite a bit of positive feedback....within 20k
HT-IV300 : Home Theatre Component System : Home Theatre System : Sony India
If you are looking out for a professional HT system..the entry level models start from 26k onwards...Pioneer, Onkyo, Yamaha , Denon, etc are brands available. You can do a mix and match of models in terms of speakers.....
Speakers.... Jamo S426 HTS (5.0 Reliance Digital 27k) or Boston Acoustics Soundware XS 5.1 around 24k or BA 2310HTS around 40k.
AV Yamaha 377 (around 34-36k) or Marantz NR 1405 (around 34 -38k)
Blu Ray player.....Pioneer BDP 160 / 170.....3D with USB playback from 1 TB external HDD...universal player... (approx 10-12k)
HDMI cables, Oxygen Free Cable (OFC) speaker wires, subwoofer cables etc would be extra.....
End of the day, we as fellow members can give a variety of suggestions...all depends on what appeals to you in performance, appearance and budget...all the best trust your eyes and ears!!!!
Since you are based in Bangalore, there are ample dealers around who you can visit and strike a good bargain deal