abhishek2101:
I am planning to use below xbee model
XB24-Z7WIT-004
can this be powered directly from arduino pin ?
shows that the device takes 3.3V and uses 35 to 38 milliAmps. You can not power that (safely) from a digital pin - the voltage will be too high, on most Arduinos. It can be powered from the 3.3V pin.
I will be logging data from BME280 sensor to my computer running python over serial connectivity every 5 min, so Ideally all components should sleep for 5 min and then wake up, take reading, send data and go back to sleep again.
You should read up on how to put the XBee to sleep. Turning the power off is really not a good idea. Like getting whacked with a baseball bat instead of taking a sleeping pill.