"This year is special not just for him but for the whole industry because Yashji's last film is releasing this year," he added.
Chopra turns 80 Thursday.
Jab Tak Hai Jaan marks filmmaker Yash Chopra's comeback to direction after eight years. His last was 2004 cross-border romance Veer Zaara.
The film stars Shah Rukh Khan, Katrina Kaif and Anushka Sharma and hits theatres Nov 13.
Meanwhile, Karan is also excited about Barfi! making it to the Oscars and he hopes the film gets shortlisted.
"I am thrilled to bits and I think what better film than 'Barfi!' to make it. I have gone on record to say how it was truly most spectacular film experience I have had in years. It's really everyone's wish come true that 'Barfi' makes it and I hope it walks the red carpet next year," Karan said.
Karan's directorial venture "Student of The Year", which he has made with three newcomers - Varun Dhawan, Siddharth Malhotra and Alia Bhatt - releases Oct 19.