Concept:
Bond pairs and lone pairs are determined from the number of valence electrons present on the central atom.
Step 1: Determine valence electrons of iodine.
Iodine belongs to Group 17.
Therefore, valence electrons in iodine:
\[
=7
\]
Step 2: Formation of bonds with fluorine atoms.
In \(IF_5\), iodine forms five covalent bonds with five fluorine atoms.
Thus, five electrons are used for bond formation.
Hence:
\[
\text{Bond pairs}=5
\]
Step 3: Calculate remaining electrons.
Remaining electrons on iodine:
\[
7-5=2
\]
Two electrons constitute one lone pair.
Therefore:
\[
\text{Lone pairs}=1
\]
Step 4: Geometry of the molecule.
Total electron pairs around iodine:
\[
5+1=6
\]
Hybridization:
\[
sp^3d^2
\]
Electronic geometry is octahedral while molecular geometry becomes square pyramidal because of one lone pair.
Hence, option (2) is correct.