He was 79.
Gupta suffered a cardiac arrest late last night and was admitted to Super Special hospital where he breathed his last.
He is survived by his wife Uma Gupta, daughter Saloni Mahajan and son Vicky Mahajan.
Gupta was political advisor to former chief minister Ghulam Nabi Azad.
He first became a member of the legislative council in 1969 and was elected as an MLA from R S Pura assembly constituency in 1977 and 1983.
He was re-elected to Parliament from the constituency in 1989.
Several Congress leaders including Congress president Sonia Gandhi, Rahul Gandhi, party's state unit chief Ghulam Ahmed Mir, chief spokesman Ravinder Sharma and other senior leaders conveyed their sympathies to the bereaved family.