Water-based paint is not toxic,right?and it doesnt release paint fumes,right??

In general, water based paints probably are less toxic and less likely to release unpleasant fumes than oil-based paints, but that doesn't mean they should be used in small spaces with poor ventilation. Assuming you're in the US, paint labels are required by law to have accurate information about this. If you purchase from a high quality paint store, the store personnel also will have advice.

Wearing a mask while painting is recommended. Watch for cough and shortness of breath. Keep the windows open while painting, if possible.