The veteran director is known for making entertaining and socially relevant films such as 'Munnabhai' series and '3 Idiots'.
His 14-year-old son's film features in the Little Directors' category at the festival.
"'Return Gift' is inspired by a true story which depicts my grandmother's wisdom. My granny had narrated this incident to me and I vouched to portray it in the form of a film. The 'Golden Elephant' has further encouraged me to make this sooner and better than planned," Vir said.
Vir has made this short film along with his class and batch mates namely Gia Arora, Jashan Arora, Aviral Shukla and Arman Talkar.
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Children aged between 14-16 have taken charge of Stills, Location Scouting, Production, and Assistant Direction. Vir is the director, photographer, and editor of the movie.
"We are happy to have Vir Hirani participate and compete in the festival. It is a proud moment for us," Amole Gupte, Chairman, CFSI, said.
Raju Hirani will be attending the screening of the movie at the festival.