A group of several hundred people pelted stones at the house of PDP MP Nazir Ahmad Laway and injured two security guards, a police officer said.
He said the protesters also set ablaze the guard room causing damage to it and the kitchen of the house.
Three to four service weapons of the guards were reportedly missing, the officer said adding searches are on to locate the weapons.
Laway and his family was not present in the house when the incident took place, the officer said.
He said reinforcements have been rushed to the village to restore law and order.
Meanwhile, opposition National Conference working president Omar Abdullah said the situation in Kashmir seems to have taken an ugly turn.
“PDP RS MP’s house set on fire. Weapons reportedly looted after guards run away. Far from getting better things have taken an ugly turn today,” Omar wrote on Twitter.
“Even though things looked calmer on the surface in civil lines areas of Srinagar events today show that valley is still in deep crisis,” he added.
9 ways to deal with the Kashmir crisis
How NC and PDP have failed Kashmir, and New Delhi
India must hold its nerve in Kashmir
Why August 9, 1953 casts a dark shadow over Kashmir