Let the present age of Rakesh be \( r \) years, and the present age of Mahesh be \( m \) years.
We are given the following:
- The sum of their ages is 60, i.e.,
\[
r + m = 60
\]
- Rakesh says, "I am as old as you were when I was one-third as old as you are." This means:
\[
r = m - \left( \frac{r}{3} \right)
\]
Now substitute \( r = 60 - m \) from the first equation into the second equation:
\[
60 - m = m - \left( \frac{60 - m}{3} \right)
\]
Multiply through by 3 to eliminate the fraction:
\[
3(60 - m) = 3m - (60 - m)
\]
\[
180 - 3m = 3m - 60 + m
\]
Simplifying:
\[
180 - 3m = 4m - 60
\]
\[
180 + 60 = 4m + 3m
\]
\[
240 = 7m
\]
\[
m = \frac{240}{7} \approx 36
\]
Thus, Mahesh's present age is \( \boxed{36} \) years.