He will be sworn in by Chief Justice SH Kapadia at the central hall of the parliament in the capital, Delhi.
The position is largely ceremonial but he could help determine who forms the next government after elections in 2014 if there is no clear winner.
Mr Mukherjee’s term runs for five years. He replaces Pratibha Patil, who was India’s first woman president.
The swearing in function will be attended by Vice-President Hamid Ansari, Prime Minister Manmohan Singh and cabinet ministers among others.
Mr Mukherjee, a veteran of the ruling Congress Party, was elected by members of the national and state parliaments, on Sunday.
Correspondents say Mr Mukherjee’s victory has come as a boost to the Congress Party, which has been under pressure over a series of corruption scandals and a slowdown in the Indian economy.
Mr Mukherjee has headed several top government ministries during his career, including the foreign, home, defence and trade ministries.