(1) If, within fifteen days from the date of service of the notice of demand referred to in section 124 the defaulter does not pay the amount for which the distraint is effected, the distrainer may sell by auction the distrained property or such part thereof as may in his opinion be necessary to satisfy the demand together with the expenses of the distraint and the cost of the sale.
(2) From the proceeds of the sale, a deduction shall be made at a rate not exceeding five paisa in the rupee on account of the cost of the sale and the expenses incurred on account of distraint shall be deducted from the balance amount.
(3) The reminder, if any, shall be applied to realise the amount for which the distraint was made.
(4) The surplus, if any, shall be delivered to the person whose property had been sold and he shall be given a receipt for the amount realised from the proceeds of the sale.