Sharma's son Brijkishore, Education minister in the Ashok Gehlot government, lit the funeral pyre amid chanding of vedic mantras at the Adarsh Nagar cremation ground.
Family members, relatives, friends, well-wishers and a host of political leaders attended the cremation.
Chief Minister Gehlot, his ministerial colleagues, Union minister of State for Home Jitendra Singh, Congress leader Mukul Wasnik and Gujarat Finance minister Biju Bhai Vala were among those who were present at the cremation ground.
Earlier, Rajasthan Governor Margaret Alva, Gujarat Governor Kamla Beniwal, Gehlot, BJP leader Vasundhara Raje, Union minister C P Joshi, MPs, MLAs and other public figures visited Sharma's house in Janata Colony and offered floral tributes to the departed soul.
The national flag atop government buildings flew at half-mast as the Rajasthan government declared a one-day state mourning.
Five-time MP and a former Union minister, Sharma passed away at a private hospital here last night after protracted illness at the age of 87.
He served as Governor of Gujarat from 2004 to 2009.
Sharma was also Union minister of State for Finance (Nov-Dec 1984) and Union minister of State (independent charge) for Petroleum and Natural Gas in 1985-86.
