The film opens with an elderly Paul Bultitude saying goodbye to his son, Dick Bultitude, and his new daughter-in-law Dulcie Grimstone after their wedding, then turning to the audience—a group of reporters implied by the setup—to share a story he’s long kept secret about the strength of the bond between father and son.
During the British Raj, Marmaduke Paradine steals the Garuda Stone, a magical eye from an Indian idol that grants one wish to its holder. Although warned that the thief will invite bad luck, Paradine returns to England and passes the stone to the recently widowed Paul. The relic lands in capable hands, and the tale of luck and consequence is set in motion.
Back in England, a wealthy stockbroker named Paul cannot understand why his eldest son is reluctant to return to boarding school. With the Garuda Stone in his possession, he makes a bold wish to swap places with the boy, and suddenly he finds himself looking exactly like his offspring. When the real Dick realizes what has happened, the neglected son uses his own wish to seize the advantages of adulthood for himself, leaving his father to experience the pressures and perks of an unfamiliar life.
Dick, now inhabiting his father’s body, revels in the privileges of adulthood: he throws parties, flirts with the maid Alice, and even pursues his father’s girlfriend, Fanny Verlane. He also plunges into a new horseless carriage venture, growing wealth and influence as the schoolyard dynamics and household loyalties shift around him.
Meanwhile, Paul’s behavior at the school puzzles the headmaster and confuses Dulcie, who cannot quite understand why her former beau is suddenly smitten with someone so much older. As the days at school unfold, Paul’s ploys to maintain appearances collide with the reality of Dick’s increasingly reckless actions, and the two worlds threaten to collide completely.
Paul overhears Paradine plotting to trick Dick into signing away control of the carriage company, a plan that could ruin the family’s finances and future. Desperate, he pleads with his son to restore their rightful bodies, but Dick cannot even remember where he left the Garuda Stone. The search intensifies, culminating when Paul locates the stone in the hands of his younger son Rollie and forces a collective wish to set everything back to normal.
With the body swap reversed, Paul is chastened by the experience and grows more understanding of Dick’s situation, while Dr. Grimstone, who had followed the turmoil from behind the scenes, is ultimately removed from the premises. Back in the present, Paul reveals that Fanny left him, and he recounts that two years earlier, Dr. Grimstone died of a heart attack while beating a boy—an event that etched his memory into local lore.
The Garuda Stone, meanwhile, has its own twists: a thief who stole it inadvertently wishes himself away to the North Pole, leaving behind a cautionary legend about meddling with wishes. In the end, lonely and wiser, Paul chooses to stay with Alice the maid, who lectures him with a frank, earthy honesty about wasting time with tall tales. The story closes on a note that mixes humor with a gentle reminder about understanding and family bonds, a tale told and retold as the couple’s past becomes their shared lore.
