Here is the complete IC, but the relevant part is this (emphasis mine):
Carrying a handgun without a license or by person convicted of domestic battery
Sec. 1. (a) Except as provided in subsection (b) and section 2 of this chapter, a person shall not carry a handgun in any vehicle
or on or about the person's body, except in the person's dwelling, on the person's property or fixed place of business, without a license
issued under this chapter being in the person's possession.
(b) Unless the person's right to possess a firearm has been restored under IC35-47-4-7, a person who has been convicted of domestic battery under IC35-42-2-1.3 may not possess or carry a handgun in any vehicle or on or about the person's body in the person's dwelling or on the person's property or fixed place of business.
As added by P.L.311-1983, SEC.32. Amended by P.L.326-1987, SEC.1; P.L.195-2003, SEC.6; P.L.98-2004, SEC.155; P.L.118-2007, SEC.35.
The IC doesn't specify anything about it being broken down or separate from the ammo. Note that there are three narrow exceptions to unlicensed carry, but those are to get the gun home from a gunsmith or from a place of purchase and not for general daily transportation.
This really surprises me. So Indiana is stricter on transportation than Illinois and it can only be between your home and a gunsmith or gun shop after purchase. In Illinois I can transport my handgun to most places, some exceptions of course like court houses, schools and places that serve alcohol.
I did open carry through Indiana this week monday and tuesday night. I made a few stops for gas, paying inside and buying snacks and at McDonalds. If anyone noticed they didn't comment, not even at the motel I stayed at.