If element X has 40 protons will it also have 40 electrons

That actually depends. Is it an atom or an ion? If it is a stable atom, it will have a neutral charge and an even number of protons and neutrons, however, noble gasses are the only independent single atoms that do not need to be bonded for this to occur in nature. Most elements are found as ions with uneven numbers of electrons and protons in order to become more stable.

Yes, atoms need to be equal in protons and electrons