Dharmesh Shah has been arrested on charges of murder and is being interrogated. (Representational)

A debt-ridden businessman in Ahmedabad shot dead his wife and two daughters on Tuesday after an argument over sending the elder daughter to Australia for higher studies, police said.Dharmesh Shah, 50, owns a construction business and lived with his wife and daughters at an upmarket area of the city, according to police.The businessman was said to be under a debt of Rs 15 crore which his family was unaware of. A heated argument took place late on Monday over funding one of the daughter's studies abroad - which would have cost him Rs 70 lakh."When the family went to sleep, Shah first shot his wife, Amiben, with his licensed pistol. He then killed both his daughters Heli, 24, and Khushi, 18, with a 12-bore gun."While he fired one round at his wife, he pumped in two rounds each in his daughters," Assistant Commissioner of Police SN Zala said.

Dharmesh Shah then called up an engineer in his firm and some of his relatives to tell them he was going to commit suicide, according to police. However, he instead called up police control room and surrendered when the police arrived.He has been arrested on charges of murder and is being interrogated.