Khanna (70) died of cancer at a hospital in Mumbai.
A multi-faceted personality, Khanna was an iconic actor, a parliamentarian, Minister of State for External Affairs and Union Minister for Culture and Tourism, Mukherjee said.
"In his passing, the Indian film industry has lost a highly talented and acclaimed doyen, known for his powerful and versatile acting.
"He shall be remembered also for his contribution to the welfare of the people whom he served with commitment and sincerity in his various capacities in the Government of India," the president said in a message to his son, Rahul Khanna.
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