Mukherjee, who was suffering from thalassemia, is survived by his wife Neelam Mukherjee and three children - two sons and a daughter.
"He died at 9.30 a.m. His wife was by his side," Mukherjee's spokesperson R.R. Pathak told.
Mukherjee came from a film family - his father Sashadhar Mukherjee, who was married to legendary actor Ashok Kumar's sister Sati Devi - was the co-founder of Filmalaya Studios. He was the paternal uncle of actors Kajol and Tanisha Mukherjee.
"His body will be taken to his residence at Yari Road at round 4.30 p.m. He will be creamted tomorrow (Saturday) 10 a.m. in Versova," said Deb Mukherjee, the late actor's brother.
The yesteryears star was admitted to the hospital Monday in a critical condition and was put on a ventilator. He was suffering from.
Mukherjee stepped into showbiz with 1960 hit film "Love In Simla". His popularity soared with projects like "Shagird", "Love In Tokyo", "Ziddi", "Phir Wohi Dil Laya Hoon" and "Ek Musafir Ek Hasina".