The incident happened yesterday at Kothiya village in Madrak area of the district here, they said.
Kuldip visited his farm yesterday and returned in a state of shock after seeing his crops destroyed by untimely rains and hailstorm earlier this month, his family members said.
He locked himself up in a room and set himself afire, they said.
He was rushed to Nehru medical college hospital in a critical condition where he succumbed to his injuries late last night, police said.