The project marks the Dunno Y... Na Jaane Kyun star's debut as a filmmaker.
"I am remaking my brother Anil Sharma's classic '80s classic Shradhanjali. Anil Sharma in 1981 debuted in direction with this film which was produced by our father KC Sharma," Kapil said.
"The original is said to be Rakhee Gulzar's best performance till date. Shradhanjali managed to get only one matinee show in its first week in Mumbai. But by the time it was in its seventh week, it was running in 15 cinemas. Finally, it turned out to be blockbuster as it ran up to 50 weeks."
The debut director revealed that he is now looking for a lead actress to play the role made famous by Bengali star Gulzar.
"It will be the first female-oriented film from the '80s to be remade," he said. "Now which actress from the current crop will get to step into Rakhee's shoes remains to be seen. There are a couple of names that I have in my mind. I will be making an announcement soon."
Dunno Y... Na Jaane Kyun is scheduled to be part of at Switzerland's Queerschist film festival in Bern from November 8-14.
The award-winning production previously screened in Australia, Greece, Israel, Germany, UK, US and Norway.
Watch a teaser video for Dunno Y... Na Jaane Kyun below: