Yes, This is Legally Right.
This situation Belongs to Case of 'Co-Owners', For The New House, You are A Co-Owner along with Your Father & Your Share 1/5 In your Hands.
Refer Section Analaysis Given on Co-ownership for House Property, Section 26 Of Income Tax Act ,1961- Under this Link:http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-26
Once Your Share income Is Determined You Can Claim this as for "Deemed let out", Considering Your Other House as "Self-Occupied".
If you need How to Calculate the Self-Occupied House Property Income Tax Calculation, You Can Refer the Section Analysis Given on this Page Link:http://www.exploreincometax.com/Indian-Income-tax-Act-1961/Section-23