How to process or read a file line by line in Python and how can the data be stored or manipulated?

Hello everyone, I am trying to read a text file in Python and my goal is to read the lines in the file line-wise and remove spaces, newline characters, and all these characters from each line and store the processed and clean data into a tuple or a list. The only read function of files I know is read() which reads all the contents of the file at once, if anyone can help me with this by giving some example codes, I would greatly appreciate it.

As an example, if I have a file such as:

   this is line     number one   of the text file \n\t
this is line number    two of the    text file

I want to read each individual line and remove these spaces and newline or tab characters.