Luv... Phir Kabhi talks about a couple who can go to any lengths to spend a lavish life and splurge money. Alisha has no qualms in living in with an older man in order to lead a luxurious life until she meets Aayush. After the two get drunk and spend a night together, Alisha is dumped by her boyfriend after he comes to know about her one night stand with Aayush. Alisha, who loves money, realizes that Aayush is a waiter, but Aayush who is in love with Alisha promises her life she has always dreamed of. In an attempt to fulfill all her wishes, Aayush is broke and starts living in with Meghna Patel, a much older woman in a bid to earn more money. How do Aayush and Alisha overcome their financial crisis and will they sacrifice their relationship for it is what forms the rest of the story.