1-If you are not into hunting & do not require a top less vehical Gen-1 Pajero is the answer
2-If you are into hunting & soft top is required Suzuki Sj410 or 413 (Long wheel BAse) , capable offroaders with hugh fuel economy & high resale value..but ride is bumpy..poor a/c & power is compromised over economy at times.
3-Dihutsu Rocky ....powerful capable offroader...offroading better than a Toyota Land cruiser as well as Pajero..but expensie spares, poor resale, ride comfort equal to a BJ series .not that comfortable like a pajero but rough & tough.
4-Desi wrangler/CJ-5 or CJ-7 or Willys (again if soft top is the requirement)..
5-Kia Sportage ...You might find a Kia sportage in this price tag but consider it as a last option.
In my opinion you are too tight on budget..if you raise it till 7 Lakh you will get more & better choices like a good Toyota FJ or BJ series..even can get a down model Toyota or Nissan Hilux pickup double cabin....
All the above suggestions are given on personal experience which is over 17 years of serious offroading and kept most of the above mentioned vehicles in past.