The incident took place in Ponty Chadha's farmhouse in Chattarpur around noon.
Ponty's brother Harvinder also died in the shootout.
Both the brothers were not on good terms and there were disagreement between them over land ownership.
Though police sources initially said both the brothers shot at each other, they later said that Harvinder opened fire at Ponty. Then Ponty's guards opened fire at Harvinder.
This is the second incident of firing at Ponty Chadha's residence. On October five, firing took place at his ancestral home in Moradabad.