Query in Capital Gain

My client is willing to form a HUF. The family consists of himself, spouse and two children. I suppose HUF can be formed. But the assessee is not possessing any ancestral property to get transferred to HUF.

a) Is it still possible to form HUF with only getting his personal property like [Land & Building] transferred from his personal ownership to HUF for an adequate consideration?

b) Should such transferred property be necessary a income yielding property?

Kindly advise on aforesaid.

Thanks.