The move would reinforce people's faith in their representatives, he said.
"A voluntary exercise such as this would send a positive message across the nation regarding the level of sensitivity we possess as elected representatives," he wrote in a letter to Mahajan.
He also suggested creating an independent, statutory body to ascertain the affordability of the move and the need for an increase in fiscal compensation for MPs.
"India's inequality gap is widening further every day. A growing divide is detrimental to our democracy and we as public representatives must be seen to be more responsive to the socio-economic realities of our country," the letter read.
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Gandhi underlined that the move may trouble a few MPs.
The remuneration of an MP include a basic salary of Rs 50,000 per month, Rs 45,000 as constituency allowance, among other allowances. The government spends roughly Rs 2.7 lakh per MP per month, he wrote in the letter.
Over the last decade, salaries of parliamentarians have increased by 400 per cent, a rise that is unlikely even in the profit driven private sector, he added.