Om Vir Singh, a retired army man, was the Vice-President of BJP in Mirapur town.
The leader was out for a morning walk when the two assailants fired multiple shots at him with country-made pistols at around 7 AM at Monty crossroad, injuring him fatally, police officials said.
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Singh too fired from a licensed revolver he was carrying, injuring one of the attackers. The criminals fled the spot taking away Singh's revolver, they said.
The body has been sent for post mortem.
Following the incident, Singh's family members and BJP workers staged protests and blocked a road.
Senior police officials, who reached the spot, assured the protesters of speedy investigation in the case.
Security personnel have been deployed in the area.