Holi is a social drama starring Motilal as Chand, Khursheed as Kokila, Ishwarlal as Sunder, and Sitara Devi as Champa. Sunder, a poor man lives with his mother and sister, Kokila. He falls in love with Champa, the daughter of a rich businessman. Chand a spoilt rich man lusts Kokila and kidnaps her to force her to marry. However, his love for Kokila changes Chand, Sunder unaware of this change goes after Chand and stabs him. The court procedure begins against Sunder, but Chand shows up at court to save Sunder. The movie ends with two pairs reuniting.