The boy, identified as Aarthav Jindal, a resident of Shalimar Bagh, received severe injuries to his head, neck and spine. He is presently out of danger, police said.
The matter came to light when a seven-second CCTV footage of the incident surfaced today and went viral.
According to police, the incident took place at around 2.15 PM on March 19 when Aarthav had gone to his paternal aunt's house in Rani Bagh.
"A police team has visited the hospital. It is a case of accident and no foul play is suspected," DCP (northwest) Vijay Singh said.
Holi is to be celebrated on March 24.