Rs 300K will get you a basic FJ40 / CJ (no paint, bodywork, upholstery, refinements). On the other hand, it will get you a fairly good MUTT (with a paint job, bodywork, upholstery, a roof etc). So economics is one thing.
When it comes to comparisons, though...there really isn't a comparison possible. The MUTT looks good, drives fairly well on road, and is reasonably good off-road. The FJ looks great, drives wonderfully on road, and is an absolute demon off-road. Personally, I'm more inclined towards the FJ over a CJ...but grudgingly, I suppose they're pretty much par with one another.
All said and done, I suppose it's what tickles your fancy more...the FJ or the CJ or the MUTT.
As a beginner / budget off-roader...I'd also venture to say that an early Suzuki Potohar / SJ410 is also, pretty much the same price range...