As an AI language model, I don't have access to real-time market prices, but I can suggest some popular options for you to consider when looking for a cheap and best 40-inch LED smart TV in India:
- Mi LED TV 4A PRO 40-inch Full HD Android TV
- TCL 40S6500FS 40-inch Full HD Android Smart LED TV
- Power Guard PG40SVC 40-inch HD Ready Smart LED TV
- Kodak 40FHDX7XPRO 40-inch Full HD LED Smart TV
- Samsung 40T5350 40-inch Full HD Smart LED TV
All of these options offer great value for their price range and have positive reviews from customers. However, before making a purchase, make sure to compare features and prices to find the best option that meets your needs and budget.