>Is it making a loop or broadcast storm in near future?
it might, as with any other access port.
>It should make a collision domain? right or wrong?
Don't care about collision domain here. (Yes, phone creates collision domain for PC port).
>PC port is untagged or tagged port? If it is untagged port , then how it is communicating with switch?
Untagged - switches may be connected over access ports without any tags.
>IP Phone will strip of VLAN for any data vlan going through data/PC port? Is a reason , that all users are easily getting IP dynamically ?
access vlan is not tagged -> phone doesn't strip anything.
>Can i assign static IP to PC in other VLAN? Does it work?
No, unless your switch (connected over the phone) is running L3 routing.