It sounds like your underlying concern is how to make better use of the living room area. Removing the wall will give you a greater visual impact of the staircase from the living area but does not necessarily make the living space more usable. You might wish to consider how you are using the living space itself, that is, the furniture arrangement. Perhaps, you might want to consider spreading the furniture out by placing the TV on the left side wall, sofa/ couches in the middle of the room facing each other with a coffee table in the middle....i've attached a rough pencil sketch as an idea....hope this helps...

I have purchased an indigo color 3 seater sofa. See attached pic. I am confused whether i should pair it with a yellow color wing back chair or a printed wing back chair. My living room dinining area is highlighted with a yellow wall. Rest of the furniture in my room is dark tan

ok pls provide me more details

The best way to separate you rooms is to use lattice dividers or display units. It work as a beautiful focal point in an open floor plan while creating private nooks. A see-through display unit acts as a divider and allows one to showcase exotic souvenirs, and accent pieces. Another option is to use curtains on the left side in such a way that the dining gets hidden. Or, Mix up furniture a bit. Use sofas in the living room as a separation that contrast beautifully with the crisp, modern dining set.