Gupta and Khan had ended the regulation 72 holes with matching totals of 13-under-267 before they headed for the playoff.
Rashid missed a three-footer for birdie on the first playoff hole (18th hole) even as Gupta sunk the all-important birdie to win his sixth professional title and his second of the season.
After earning the highest prize money cheque of his career (Rs 16.16 lakh), Gupta has climbed from ninth position to number one on the 2012 Rolex Rankings. Runner-up Rashid Khan, who made five birdies against two bogeys in his final round, climbed from fifth place to second in the rankings.
Shamim Khan, also from Delhi, slipped from first to third.
Indian star SSP Chowrasia (68-67-68-68) of Kolkata finished third at nine-under-271 while another Kolkata golfer Shankar Das claimed fourth place six-under-274.
Gupta (65-66-70-66) displayed some excellent iron-play to come through on the final day of the event after he was two strokes off the lead in tied third position after round three.
He got his act together early in the fourth round. The 28-year-old found the green on the par-5 fourth hole in two shots to set up his first birdie of the day and then landed his approach shot within a few inches of the cup for birdie on the ninth.
Another birdie on the 10th gave him the sole lead. From then on it was a two-horse race between Gupta and Rashid Khan (69-65-66-67).
Gupta suffered a major setback when he double-bogeyed the 14th after an inaccurate tee shot. He thus dropped back to level terms with Khan at a total score of 10-under. (More)
