Need a python or any language script to copy yesterday files to a destination location and gzip them in destination directory

you can try something like this using shell commands.

find "$sourcedir" -type f -mtime -1 -exec cp {} "$targetdir" \;
find "$targetdir" -type f -name "*.txt" -exec zip '{}'.zip '{}' \;

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or copy:

find "$sourcedir" -type f -mtime +1  -exec gzip <'{}' >"${targetdir}/$(basename {}).gz) \;  

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or move:

find "$sourcedir" -type f -mtime +1  -exec gzip <'{}' >"${targetdir}/$(basename {}).gz) \; -a -exec rm ${} \;  

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Better would be to have a small shell script: mgvzip.sh:

#!/bin/bash
src="$1"
trg="/where/ever"
nm=$(basename "${src}")
mv "$src" "$trg/"  && gzip "$trg/$nm"

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and call that with:

find "$sourcedir" -type f -mtime +1  -exec mvgzip.sh "{}" \;   

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or more efficient to have a small shell script: multi-mgvzip.sh:

#!/bin/bash
trg="/where/ever"
while [ "$1" != "" ] 
do
  src="$1"
  nm=$(basename "${src}")
  mv "$src" "$trg/"  && gzip "$trg/$nm"
  shift
done

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and call that with:

find "$sourcedir" -type f -mtime +1  -print0 | xargs multi-mvgzip.sh    

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Will it recursively search all directories for files inside source directory?

Find will unless you limit find to only do  one level.
It will not recreate the tree on the target directory though...  That requires a bit more involved scripting.

run find as a program with the "-exec ... \;" sequence replaced with -print to see what paths it finds,, like

find "$sourcedir" -type f -mtime +1  -print 

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