The 37-year-old is believed to have shot one bullet in the head with his pistol. He was admitted to the hospital by the family members.
The motive behind the step was not known although rumours said Nikhil was not keeping well for over a year.
Nikhil was a member of the Jalgaon Zilla Parishad and had contested the 2009 Maharashtra assembly elections.
Eknath Khadse, a senior BJP leader, represents Bodwad-Muktainagar (Assembly constituency) in Jalgaon district.