In India, Udaipur can be your destination cos as you are planning between July- August, monsoons make it more beautiful & scenic specially as the whole city is full of lakes.
Rather than Bali, I would suggest you Vietnam as it is less visited & it's beauty is untouched plus the beaches are really very clean Even you can go to Thailand,if you book the flight tickets now it will cost you somewhere around 25k for round trip for couple
In July and august it will be monsoon everywhere on beaches in India also so that would be a concern..check the weather beforehand..although bali would be dry monsoon kind of..you can definitely go there..Else if you like mountains Go to Nepal especially pokhara..it is heaven on earth type of..Bhutan is another good option so can opt for..
Thailand is good to explore for budget travelling.
During July to August, it is monsoon season, So, it would be better to visit at such places where there is less or no rain during this period, as if it rains continuously you can't enjoy the travelling. As per my opinion, Laddakh in state of J&K and nearby places will be a better choice at this time, as that is almost rain shadow land, means dry area with beautiful scenery. Though I don't know from where you have to start your journey, still I think, it will be under your budget.
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Hi. You can head to Hampi for your trip. It'll be covered in your budget, infact it might cost less than 50k plus you will enjoy the scenic beauty of that place. Look around for Camp stays which will help you reduce the cost.
Since in July and August the monsoon sets in , you can opt for Rajasthan tour that will be really within your budget or you can opt for nainital kaushani if you want to see the monsoon beauty but try to collect information about the place before booking.
You can explore the hills of North Bengal. Stay at Darjeeling and Kurseong. You can travel between these two towns via the Darjeeling Himalayan Railway. And take road trips to the tea gardens in the area - Orange Valley, Happy Valley, Peshok, Lapchu.