The story of the film is narrated by the lead character, called Cyrus.
The movie revolves around Dinshaw Sethna (Naseeruddin Shah), a retired sculptor, who lives in the secluded hills of Panchgani and his family. His wife Katy (Dimple Kapadia) lives with him. Cyrus (Saif Ali Khan) meets Dinshaw and starts living with him in his house as an apprentice. It is seen that other members of Dinshaw's family, that is his aged father, Fardoonjee Sethna, his brother, Farokh, and Farokh's wife, Tina, live in Mumbai.
The tale revolves around the problems within the Sethna family. As Cyrus starts living with Dinshaw in Panchgani certain problems come to light. Cyrus also explores the complexities of his own mind and discovers himself as the story of the movie unfolds.