He died at his home in Gurgaon.
The former professor of history was also considered to be an authority on Mahatma Gandhi.
Author of several books such as "The Making of Modern India: From Marx to Gandhi", "History of Modern India" and "The Rise and Growth of Economic Nationalism in India", Chandra was also the former chairman of the National Book Trust (2004-12).
Congress leader Naveen Jindal mourned his death and tweeted: "Sad to hear about the passing away of noted historian Bipan Chandra. May his soul rest in peace."
Sad to hear about the passing away of noted historian Prof Bipan Chandra. May his soul rest in peace.— Naveen Jindal (@MPNaveenJindal) August 30, 2014
Chiki Sarkar, publisher at Penguin Books India, said: "He was one of our (Penguin India's) most respected authors and whose books on Indian history have been read by generations of readers. We mourn his passing."
Congress vice president Rahul Gandhi too condoled Chandra's death. "Saddened to hear of the passing away of Chandra. His books introduced many generations of students to the Indian national movement and the freedom struggle. My prayers are with his family and loved ones," Gandhi said in his condolence message.