Assigning a variable to a dataset which is in a text file in python

I want to assign a variable to a dataset in python. The data set is in a text file from MS Excel.

I used this following code in matlab:

 load data.txt
 a = data;

and I want to replicate this in Python.

The trouble I have is using the right syntax to locate the file and how to actually write the same code in python.

file location is C:\Users\user1\Documents\python\data.txt

Thanks