If I Buy shares today and sell tomorrow if price goes up is there any penalties for that? , If yes then after how many days I can sell them without any penalties?

You will earn profit!!!

Normally, there is no problem but sometimes and that is very rare you might find yourself in trouble as suppose someone who sold the shares did not deliver them to exchange, which means they will come into your account late that the usual t+2. so the person whodefaulted will be penalised plus he will suffer as the shares he sold will get into auction where he might have to pay a heavy price if the share price goes up. And, since you too sold shares not into your account you will also be penalised. It happens once with me I bought tata motors and didn’t come into my account for two weeks. meanhwihile the share price went up. I was itching to seel them but my broker rightly suggested me not to sell till shares arrive inot my account. but this is rare of rarest incident.