Lets say above one is your original dataframe and you want to add a new column 'old'
If age greater than 50 then we consider as older=yes otherwise False
step 1: Get the indexes of rows whose age greater than 50
row_indexes=df[df['age']>=50].index
step 2:
Using .loc we can assign a new value to column
df.loc[row_indexes,'elderly']="yes"
same for age below less than 50
row_indexes=df[df['age']<50].index
df[row_indexes,'elderly']="no"