Sanyal was suffering from Cancer for the past two years.
"It is with profound sadness that I share the heart breaking news that my colleague, my leader, Meera Sanyal is no more. I have never met a more graceful, dignified person and share the deep pain that her family must be going through right now. I pray they have the strength to bear her loss," Preeti Sharma Menon, a fellow member of the Executive Committee, said in a statement.
"She bravely fought cancer for over two years now but God claimed her this evening... She passed away at 8 p.m. at her south Mumbai residence and the funeral is a private affair," Menon said.
The official Twitter handle of the AAP said: "We are deeply saddened by this loss, Meera Sanyal a good heart has stopped beating, a good soul ascended to heaven. Her memories will forever remain in our hearts. May she rest in peace."
As the news of her death broke, condolences poured in from the party leaders.
Party leader Manish Sisodia tweeted: "I am deeply saddened to hear about the passing away of Meera Sanyal. The country has lost a sharp economic brain and a gentle soul. May she rest in peace! You will forever remain in our hearts."
A well-known social worker, she also penned a book 'The Big Reverse: How Demonetization Knocked India Out".
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