My wife and I together hold a residential property equally. We are both retired and Sr. citizens.
We now plan to convert the residential property to commercial with the help of bank loan, which will be serviced by my son who is in service (highest tax bracket). I have an HUF account which I wish to utilise to optimise my taxation from rental income in the future.

Need help with designing the structure of the land so that the income can be spread out in the most efficient way and is most tax efficient.

Open to gift deeds, lease deeds, transfers etc.

Is the below a possibility? if not, why?

I split the land 4 way. my wife gifts one part to the son and one part to HUF (I assume there will be no clubbing of income since not a co-parse )

I then gift one part to my son.

What will be the tax implications/ income clubbing implications in this case?

Any other ideas appreciated