Is it possible to set up TAO toolkit for my PC?

I got 32GB of RAM
i7-6850K
GeForce RTX 4070 Ti (12 gb memory)
500GB SSD
and 2TB HDD.

would that be sufficient to set up TAO toolkit?

It is possible.

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In prerequisite it is said at least 32 GB of GPU RAM but mine is only 12 GB, so will it produce any problem for my machine in any way??

For 12GB, usually It can run. Maybe it will meet OOM(out of memory) for some networks or some datasets during training. But usually it can be worked around with lower batch size or lower input size.

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