"He passed away this morning at his Shankarapuram residence here; he had only age related issues," Murthy's niece Nalini Vasudev told PTI.
Mr Murthy was actor-director Guru Dutt's cameraman and was best known for his work on classics like Sahib Bibi Aur Ghulam, Pyaasa and especially Kaagaz Ke Phool, the first Indian film to be shot in cinemascope.
After Guru Dutt's death, Mr Murthy shot films like Kamal Amrohi's Pakeezah and TV serials like Govind Nihalani's Tamas and Shyam Benegal's Bharat Ek Khoj.
In 2008, V K Murthy received the Dadasaheb Phalke Award, India's highest cinematic honour. His other trophies include a Filmfare Award for his history-making work on Kaagaz Ke Phool.
As a student, Murthy also took part in India's freedom struggle. He was jailed in 1943 and was a recipient of freedom fighter's pension.
(With PTI inputs)