He was 89 and survived by wife and two daughters.
Chatterjee was suffering from a kidney-related ailment and was admitted to the hospital in a critical condition on Tuesday last.
Chatterjee had suffered a mild heart attack yesterday morning, but was revived. He was undergoing treatment in the ICCU.
He was under treatment for the past 40 days and was discharged from the hospital just for three days after his health showed signs of improvement.
However, his condition deteriorated last Tuesday and he had to be hospitalised again, the official said.
A 10-time Lok Sabha MP, Chatterjee was a central committee member of the CPI(M), which he had joined in 1968.
The veteran leader was, however, expelled from the CPI(M) in 2008 for refusing to resign as the Speaker after his party withdrew support to the UPA-I government.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)