"Nikhil shot himself in the head using his personal firearm. He was rushed to a hospital here, where he was declared dead," Superintendent of Police, Jalgaon (rural) S Jaikumar said.
He was 37, and is survived by wife, a son and a daughter.
The reason behind the act was not known immediately.
According to local BJP sources, the incident took place at around 4.30 pm. He was taken to Godavari Hospital, but was declared dead after admission.
He was declared dead at 6.05 pm at Jalgaon’s Godavari hospital. He has subsequently been shifted to the Jalgaon Civil Hospital where an autopsy will be conducted.
Nikhil allegedly shot himself at his home in Muktainagar on Wednesday afternoon, a party official said.
He sustained bullet injuries in the head. Nikhil was immediately airlifted and rushed to Godavari hospital by his family members and some party activists.
The motive behind the drastic step is not known, though it is rumoured that Nikhil was not keeping well for over a year.
Some sections of the media also suggested that Nikhil was depressed after losing the MLC elections.
Eknath Khadse was not at home at the time of the incident, an official of Bharatiya Janata Party said, preferring anonymity.
In 2010, Nikhil, who was BJP's nominee for the Legislative Council from Jalgaon local self-government constituency, had lost the election despite BJP and ally Shiv Sena having adequate numbers.
Nikhil is a member of the Jalgaon Zilla Parishad, around 415 km to the east of Mumbai, and had contested the 2009 Maharashtra assembly elections.