Dasgupta, deputy general secretary of the Communist Party of India (CPI), passed away at 6 a.m., family sources said.
"He was admitted to Tata Medical Centre, where he was on ventilation also for some time. On Monday he was released from the hospital and brought home," Dasgupta's grand daughter and party state secretary, Swapan Banerjee told .
Dasgupta, a three-term Rajya Sabha member, was also elected to the Lok Sabha twice from Panskura in 2004 and Ghatal in 2009.
He began his long parliamentary career following his election to the Upper House of Parliament in 1985, and made his mark with his erudition, fearless abd articulate oratory, speaking out with a crusader's zeal against corruption, capitalism and what he always termed as the "neo-imperialist policies".
He was twice re-elected to the Rajya Sabha in 1988 and 1994.
Dasgupta lost the bypoll to the Panskura constituency in West Bengal in 2000, but won the seat in the general elections four years later as a Left Front backed candidate.
Dasgupta was one of those parliamentar who repeatedly highlighted the Bofors scandal that came into the public domain in the late 1980s during the prime ministerial stint of Rajiv Gandhi. He also served on the joint parliamentary committees formed to probe the securities scam and the 2G spectrum scandal.
One of the tallest leaders of the Indian trade union movement, Dasgupta served the All India Trade Union Congress in various capacities including its general secretary and vice-president.
"He was one of those leaders who successfully brought all trade unions under a common platform in the interest of the workers. The strong joint trade union movements that we see nowadays is the result of that effort," said Banerjee.
Born on November 3, 1936, in Barishal (now in Bangladesh) of undivided Bengal, Dasgupta was baptished into politics through the student movement, and served as the president and general secretary of the undivided Bengal Provincial Students' Federation between 1958 and 1960.
He was detained under Defence of India Rules in 1965 and went underground on several occasions during the Congress rule in West Bengal.
He visited various countries including Finland, France, Hungary, Italy, South Africa, the UK and erstwhile Soviet Union.
Condoling his death, West Bengal Chief Minister Mamata Banerjee said Dasgupta will be remembered for his contribution to the nation as a Parliamentarian and trade union leader.
The Communist Party of India deputy general secretary,
( With inputs from IANS )