That is the proper indentation. A quote from the manual:
The word "else" is not written in the Lisp code; the else-part of an
`if' expression comes after the then-part. In the written Lisp, the
else-part is usually written to start on a line of its own and is
indented less than the then-part:
(if TRUE-OR-FALSE-TEST
ACTION-TO-CARRY-OUT-IF-THE-TEST-RETURNS-TRUE
ACTION-TO-CARRY-OUT-IF-THE-TEST-RETURNS-FALSE)
For example, the following if' expression prints the message
4 is
not greater than 5!' when you evaluate it in the usual way:
(if (> 4 5) ; if-part
(message "4 falsely greater than 5!") ; then-part
(message "4 is not greater than 5!")) ; else-part
Note that the different levels of indentation make it easy to
distinguish the then-part from the else-part. (GNU Emacs has several
commands that automatically indent `if' expressions correctly. *Note
GNU Emacs Helps You Type Lists: Typing Lists.)
This is a feature, not a bug :-)