.. Guys I am going to buy a new LED TV, I don't want to spend fortunes and looking for cheap as possible. I searched online and made various research and cheapest TV for 40inch with full HD display found is from Iconix LED-40FHD08-VM14 at snapdeal.

There are also other cheap brands like Micromax selling for around 23K full hd 40inch LED television.

I know, brand like Samsung , Sony have good quality but what benefit I have over cheap brands in real life. I see that entry level 40inch monitor from Samsung is around 41K with almost similar specifications, 10wx2 speaker, full HD, 2 USB, 2 HDMI.. same is with iconix which is half of the price of Samsung.

I am wondering what I will loose if I go for Iconix ?

I have not used that brand but I do have experience with both cheap as well costly LED televisions, the first and foremost difference will be picture quality, you can only judge or compare if you have seen both with your own eyes. Generally in cheap LED televisions, you don't find colors vivid and lively, may be because of low cost materials. Other than that, they compromise in quality of speakers they use, even material they use.

Best solution is that you try it first yourself and then only order it.