Property sell consideration is less than indexed acquisition cost. Is it capital loss?

Hello,
My friend purchased a house in May 2011 for 21,00,000 INR.
He sold the house in June 2023 for 30,00,000 INR.

Cost Inflation Index in May 2011 = 184
Cost Inflation Index in June 2023 = 348

Indexed cost of acquisition = 21,00,000 x (348/184) = 39,71,730

Sell consideration - Indexed cost of acquisition
= 30,00,000 - 39,71,730
= - 9,71,730

Does this mean he can book a capital loss of 9,71,730 INR and can offset it against capital gain?

Thanks in advance for your inputs.