Australian openers Matthew Hayden (16) and Simon Katich (14) remained unbeaten to take the score to 31 after India declared its second innings on 208 for five and asked the visitors to chase an improbable score of 244 in a minimum of 15 overs.
First innings double centurion VVS Laxman (59) remained unbeaten and continued his superb form to score a half century and defied Australia to make any impact in the match and shared an unbeaten 63-run sixth wicket stand with Sourav Ganguly who also remained not out on 32.
However, the Test that saw two double centuries from Laxman (200) and Gambhir (206) and the maiden five-wicket haul by Virender Sehwag also witnessed the end of an era with the retirement of skipper Anil Kumble.
Kumble also came on to bowl and bowled four overs to the Australians out of the eight that the visitors had to play in their second essay.
Meanwhile, the stylish Hyderabadi, who had given a chance to Michael Clarke and allowed him to score his eighth hundered yesterday, played a chanceless innings and during his 139-ball stay at the wicket hit seven effortless boundaries.
Laxman, who remained unbeaten in the Test with a total of 259 runs, was awarded with the man of the match.
Kumble walks into sunset!
Laxman dispatched Clarke to cover boundary to raise his 50 and then rolled his right arm towards the dressing room. Before the tea, Laxman and Ganguly were going strong and took the lead past 200-run mark even though the Test looks certain to be heading for a draw.
Ganguly, with the help of three fours and a six which he hit straight over the bowler's head, also remained unbeaten in his last Test at Kotla which came off 53 balls.
Laxman was involved in two fruitful partnerships with Sachin Tendulkar (47) and Ganguly. With Tendulkar, Laxman added 52 runs for the fifth wicket before the former was caught at slips by Matthew Hayden off leg-spinner Cameron White. With Ganguly he took the partnership to 63 runs.
Tendulkar was looking to play the ball on its merit and some free-flowing strokes off his bat were enough to indicate the form he was in. The master blaster played some beautiful cover drives and then whiped the ball off his legs but he fell short of a half century by just three runs.
For his 47, Tendulkar took 120 balls and had four boundaries in his 160-minute stay at the crease.
Earlier in the morning, Australia wrecked Indian top-order with two dismissals to leave the hosts tottering at 93 for three after the visitors were bowled out for 577 yesterday.
India lost Rahul Dravid (11) and opener Gautam Gambhir (36) in the morning session that saw the home team scoring just 56 runs in 27 overs.
While Lee claimed two wickets, Katich, Clark and White chipped in with a wicket each in the second innings for India.
Resuming at overnight score of 43 for two, India lost Rahul Dravid early as a full length delivery from Brett Lee was dragged on the stumps by the batsman.
Dravid, who hasn't had any good scores in the series so far, apart from the lone half century that he scored in the first Test at Bangalore, could make only 11 in the 37 balls that he played which had two hits to the fence.
Lee and Stuart Clark, who started the proceedings this morning, bowled with a lot of venom and tested the batsmen with some short balls as the two bowled six maidens in the first nine overs of the day between themselves.
However, Gambhir and Tendulkar countered the Australian bowling well to take the total to 93 before the former was adjudged leg before to a delivery which looked to be going down the leg-side.
Mitchell Johnson bagged the left-handed opener's wicket to get his maiden wicket of the innings.
Gambhir and Tendulkar added 40 runs for the fourth wicket before the first innings double centurion's 107-ball stay at the wicket came to an end which also had five fours in it.
On the last day of the Test, Lee came out all guns blazing and his fiery bowling figures read two for 41 off his 13 overs as he had also accounted for Virender Sehwag (16) last evening.