Your Query: I have purchased a flat jointly with my father. This is my 2nd flat but my father's first. The share of ownership is 1:4. Since this is my second flat , can the same be treated as deemed let out in my case and self occupied for my father? My parents stay in that flat.
Reply: In your case you may state that your 1/5th share, is let out to the other co-owner, ie; your father, for which a formal Rent Agreement may be required along with evidence for actual receipt of the Rent amount.
Your father can state that his 4/5th share is self-occupied.