@Coplay: Extremely sorry for not replying earlier. I just didn't see your post. I believe you must try and get the EOS 550D if you can find one! It's a very good camera, with full HD video recording, although video recording is just a luxury when it comes to D-SLRs as these cameras are primarily meant for still photography, which they do pretty darn well.
And 42k odd for the 550D is an absolute steal, total bargain. The 450D has really become an "outdated" model, but then again, I myself am using an age-old 400D and am very happy with it. I would suggest you use both the 500D and the 550D, and see which one you really prefer, because I don't see budget being a problem here as both are well below the Rs.50,000/- budget that you have. My suggestion would be, get the 550D with the 18-55mm IS lens, and start taking some photos.
Have you ever used a D-SLR earlier? If not, then it might be a little bit of a learning curve for you, looking at the plethora of option that a D-SLR offers. Also, keep in mind that GETTING a D-SLR is just the start; subsequently, getting the lenses to cover the focal lengths is where your finances would go haywire!