I would consider a projector plus screen within a budget of 2 lakhs; have 50k for a TV for normal viewing.
I presume it is not a dedicated room and there will be problem of ambient night. During night time use the projector and day time , you can watch regular TV.
The projector will be a delight to watch.
There is a Sony pre-owner projector on sale. If you go for that, you may have more money left to buy better quality TV.
All the best!