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.