I have Xamarin.Forms
project Visual Studio 2017 in Windows 10 PC. My VS connected to mac machine over the network. I want to create IPA file from Xamar
Long story short, to build an .ipa, choose AppStore (or Ad-Hoc, Release) | iPhone
as solution configuration and build the project. After build, you'll find the .ipa file in project's output directory (for example, bin\AppStore). Of course, you have to have corresponding provisioning profiles configured in Xcode but this is another question. More here.
Is it possible to release app from Windows machine only or I need to use Mac physically
You need an active connection to macOS to build your .ipa from Windows. And you need to upload the first build from macOS with Application Loader. Uploading can be done either physically from macOS or remotely but not within Visual Studio.
If I need to use Mac then for which steps while releasing app to App Store
The same as above. You need macOS connection for compilation (building .ipa) and for uploading your first build (.ipa) to App Store Connect. Subsequent uploads could be done without macOS.
We are releasing app to App Store using Application Loader or Xcode, Can we do it from Windows machine.
Publishing a release can also be done using services like App Center. However, the first build should be submitted by Application Loader from macOS.
Can we access Xcode from VS in order to release app to App Store
No. Visual Studio uses Xcode for building process. Publishing to App Store Connect directly from Visual Studio is not possible for now.
If I want to connect real device(to visual studio as targeted device) to create IPA file do I need to connect it in Mac or PC(Via USB cable) in order to get in VS PC
You need to connect your device to Mac. However, to build an .ipa, you don't need any iOS device connected.
To create IPA file do we need Mac machine connection
Again, yes, you do. Compiling, building, and making an .ipa file are the same things in this context.