Recently, the techniques of Internet of Things (IoT) and mobile communications have been developed to gather human and environment information data for a variety of intelligent services and applications. Remote monitoring of elderly and disabled people living in smart homes is highly challenging due to probable accidents which might occur due to daily activities such as falls. For elderly people, fall is considered as a major reason for death of post-traumatic complication. So, early identification of elderly people falls in smart homes is needed to increase the survival rate of the person or offer required support. Recently, the advent of artificial intelligence (AI), IoT, wearables, smartphones, etc makes it feasible to design fall detection systems for smart homecare. In this view, this paper presents an IoT enabled elderly fall detection model using optimal deep convolutional neural network (IMEFD-ODCNN) for smart homecare. The goal of the IMEFD-ODCNN model is to enable smartphones and intelligent deep learning (DL) algorithms to detect the occurrence of falls in the smart home. Primarily, the input video captured by the IoT devices is pre-processed in different ways like resizing, augmentation, and min-max based normalization. Besides, SqueezeNet model is employed as a feature extraction technique to derive appropriate feature vectors for fall detection. In addition, the hyperparameter tuning of the SqueezeNet model takes place using the salp swarm optimization (SSO) algorithm. Finally, sparrow search optimization algorithm (SSOA) with variational autoencoder (VAE), called SSOA-VAE based classifier is employed for the classification of fall and non-fall events. Finally, in case of fall event detected, the smartphone sends an alert to the caretakers and hospital management. The performance validation of the IMEFD-ODCNN model takes place on UR fall detection dataset and multiple cameras fall dataset. The experimental outcomes highlighted the promising performance of the IMEFD-ODCNN model over the recent methods with the maximum accuracy of 99.76% and 99.57% on the multiple cameras fall and UR fall detection dataset.