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I’m travelling from Muscat carrying a 32 inch Sony Bravia LCD. Would I have to pay duty on it? and how much amount of duty is allowed for a passenger returning after 45 days?

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www.cbec.gov.in/resources//htdocs-cbec/guide_for_travellers/trvler-guide_ason05feb2015.pdf

Yes, you will have to pay duty on it

Duty Free allowance is INR 45k (Source, table at bottom of page 1), However, the duty free allowance is not applicable on LCD TV's (Notes in middle of page 2, point 2.6)

The rate of duty is 36.05%

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I was stopped at Mumbai airport just for carrying an Emergency Lantern and asked to leave after checking my luggage for Gold!

I saw two guys paying duty for bringing LCDs with them. So yes, you have to pay. As for the rates, you could either Google or go with the other answer by Akash.

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