I am giving hyperlink to couple of keywords pointing to my homepage on my web site home-page article.Therefore I wish to know can google punish my website for this form of internal linking.Or is it risk-free to use this method.

Note: I am using the keyword as it is.

would need to see your site to understand exactly what the internal linking is like.

Google encourages using anchors on internal linking: http://googlewebmastercentral.blogsp...hitecture.html

However it sound likes you are doing it in a spammy way:

Originally Posted by jadebroad

I am giving hyperlink to couple of keywords pointing to my homepage on my web site home-page article..

So you have an article on your home page, with contextual links point back to the same page? Whats the point in that, linking to the same page the article is on? Looks very spammy and could seen as over optimisation,