Let G be a connected, simply connected semisimple complex algebraic group with a maximal torus T and let P be a parabolic subgroup containing T. Let $ \mathcal{L}_{P} {\left( \lambda \right)} $ be a homogeneous ample line bundle on the ag variety Y = G = P. We give a necessary and sufficient condition for $ \mathcal{L}_{P} {\left( \lambda \right)} $ to descend to a line bundle on the GIT quotient Y(λ)//T. As a consequence of this result, we get the precise list of P-regular weights λ for which the line bundle $ \mathcal{L}_{P} {\left( \lambda \right)} $ descends to the GIT quotient Y(λ)//T.