it is possible to transfer your individual property to a HUF.

However, in accordance with the provisions of Section 64(2) of the Income Tax Act, 1961 where, in the case of an individual being a member of Hindu Undivided Family, any property having been the separate property of the individual is converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration, then, for the purpose of computation of the total income of the individual under this Act for any assessment year commencing on or after the first day of April 1971.

The individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly;

The income derived from the converted property or any part thereof shall be deemed to arise to the individual and not to the family;

Yes you can create a HUF and transfer this property to HUF account.

HUF is a separate entity for the purpose of assessment under the Act. Under Hindu Law, an HUF is a family which consists of all persons lineally descended from a common ancestor and includes their wives and unmarried daughters. An HUF cannot be created under a contract, it is created automatically in a Hindu Family.

HUF is a family with husband, wife and children (and children's spouses if any) living together. The property owned by this family will be through lineal ascendants or any ancestors. There are a set of laws that govern property ownership, marriages, taxation etc for a legally declared HUF.

IT department of India has a format of taxation for a HUF; tax benefits can be availed from this format.

There are a few features of HUF account that makes it different from regular saving bank accounts.

Every member of the family can deposit their income in the common corpus

Single person’s authority while participation from entire family

Tax benefits on deposits under various sections

Corpus can be divided only on agreement of every coparcener of the family