The 31-year-old MS Dhoni, who has recorded two World Cup wins (2007-T20, 2011-ODI), now has 22 Test wins, one more than Ganguly.
Mohammed Azharuddin is third with 14 wins while Mansur Ali Khan Pataudi and Sunil Gavaskar are tied on fourth with nine wins each.
Ganguly's record of 21 Test wins stood for eight years before Dhoni overtook him after inflicting another humiliating loss on Australia.
Australia also earned the dubious distinction of becoming the first cricket team in the history of Test cricket to lose a match by an innings after having declared in the first innings.
Dhoni has captained India in 45 matches, won 22, lost 12 and drawn 11, for a winning percentage of 48.88. It seems more than likely that Dhoni's figures will only improve as the series progresses.
Dhoni has recorded more wins in fewer games than Ganguly. Dhoni also has three overseas wins, one each in New Zealand, South Africa and the West Indies.
Ganguly led India in 49 matches - 21 win, 13 loss and 15 draw - and has a winning percentage of 42.85.
Azharuddin on the other hand has an equal number of win-loss record. He has won 14, lost 14 and drawn 19 out of the 49 matches he captained India.
Both Pataudi and Gavaskar have won nine matches as captain but the former has taken 40 Tests, losing 19 and drawing 12.
Gavaskar slides down the list as he took 47 matches to record nine wins. But the batting great holds the distinction of scoring the most runs (3449) while leading the team.