If luxury means 2 meals a day, living in a hut and walking to everywhere, then definitely!
or else it is Not enough at all.A family of 4 persons needs at least Rs.30000 to 40000.
but in case of real luxury you need to define luxury first ,
living in star hotel like life with 20k is really difficult ..especially in mumbai where the cost of living is really high. you need to have atleast 50k to have a decent life there