The last rites took place at Lodhi Road crematorium with his elder brother Major Gen (retd) Ashok Mehta lighting the funeral pyre.
Besides Gandhi and Advani, those who attended the last rites included Union Ministers Arun Jaitley, Ravi Shankar Prasad and Rajyavardhan Singh Rathore, Delhi Deputy Chief Minister Manish Sisodia, former Delhi Chief Minister Sheila Dikshit and CPI leader D Raja.
Earlier in the day, Prime Minister Narendra Modi condoled his death.
Vinod Mehta, who successfully launched a number of newspapers and magazines, passed away here this morning after prolonged illness. He was 73.
Mehta, who was Editorial Chairman of 'Outlook' magazine which he had founded, had been ailing for several months and was hospitalised at AIIMS.
He was suffering from severe lung infection and was on life support. He died of multiple organ failure.