I am already aware of tag based HTML parsing in Python using BeautifulSoup, htmllib etc. 
However, I want a powerful engine which can do complex tasks like read html tables, lists etc. and present these as simple to use objects within code. Does python have such powerful libraries?
BeautifulSoup is a nice library and provides a good way to parse HTML with some handy ways to parse the data very easily. 
What you are trying to do, can easily be done using some simple regular expressions. You can write regular expressions to search for a particular pattern of data and extract the data you need.
Complex HTML parsing with Python