Dhiraj and his father Jagvir (65) were last night returning from work when the assailants accosted them and fired at them, SHO Ashok Shishodia said.
On receiving information, police rushed the father-son duo to a nearby private hospital where Dhiraj succumbed to his injuries while Jagvir is still under treatment.
The victims' family members accused Jagdish, Naresh, Bhikar and Babbal for the attack as they had some dispute with the duo over money lending.
An investigation is under way in the matter, the police officer said.