Self-reported wellbeing is emerging as a focus of research in the field of public policy and economics. It has been realized that economic progress of any nation does not ensure wellbeing of its citizens. Therefore, it has become imperative to assess selfreported wellbeing of an individual. Also, the unparallel increase in the proportion of aged population has raised the concerns of policymakers as this stratum of the population experience a decline in the productive capacity along with an increase in the health care needs. Elderly care has recently become an area of concern for India owing to the breakdown of the traditional care givers of elderly. Therefore, this paper made an attempt to assess the depression among older population aged 50 years and above living in urban India using self-administered semi-structured questionnaire based on Geriatric Depression Scale. Appropriate statistical analysis was employed to meet the specific objectives. The result depicts that a majority of elderly reported absence of depressive symptoms which is indeed a good sign; however converting the result into absolute figure and if one interprets the result for the entire nation, the situation is worrisome. Further, the socioeconomic pattering of absence of depressive symptoms depicts that education and economic status of elderly has a positive association while their age and number of living children has negative association. Overall, the study concludes that by improving the basic structure of the society absence of depressive symptoms among elderly can be ensured to some extent before any concrete policy decision is arrived at.