Udhaar Ki Zindagi is a family drama. The movie revolves around an oppressive man named Sitaram (Jeetendra), who runs his family with full authority. He arranges the marriage of his only son Vasudev to some girl, but Vasudev is in love with Suman and marries her instead. Unhappy with his son’s actions, Sitaram asks his son and daughter-in-law to leave the house. The two leave and relocate to the US. Years later, Sitaram receives a letter from his son, saying he’s returning with his family. Joyed to see his son after all these years, Sitaram prepares for their arrival. However, he is disappointed when only Sita (Kajol), Vasudev’s daughter, comes to meet him and brings a gift for Sitaram that is from Vasudev. There is a whole other story behind Vasudev and his wife’s absence. It is to find; will Sitaram accept his granddaughter after learning the truth?