Subhajitdas298

There is huge lag spikes in Heavy Rain. Sometimes it hangs and internally resumes but video gets stuck. Tried different drivers. Some were worse than others. But nothing fixed it.
Tried removing throttling using throttlestop. That only removed some jitter. But hanging issue is there. This is less noticeable in other games.

There is huge lag spikes in Heavy Rain. Sometimes it hangs and internally resumes but video gets stuck. Tried different drivers. Some were worse than others. But nothing fixed it.
Tried removing throttling using throttlestop. That only removed some jitter. But hanging issue is there. This is less noticeable in other games.

I had it when I used to have an FX-4130. I'll be blunt, it's a terrible CPU cooler that's barely better than stock. The included fan is small, inefficient, and the plastic ring breaks incredibly easily. You're better off buying a Hyper212. It's straight up a waste of money for a cooler that's barely better than stock and has a terrible fan. The only nice thing about it is that mounting is easy since it's so light, probably because it's made with the cheapest aluminium Arctic could find.

I picked one up for 10 bucks a few years back it's okayish but I wouldn't overclock with it.

You might want to consider getting some surge protection. As for your smoking components, you could do an RMA but you will need to lie and hope that they don't figure it out. Since "hey my mobo go hit by a lightning and I want you to replace it for free" is not something anyone would like to hear.

1 + 2 : probably, but, it would be dishonest because surges are not generally covered under warranty. 
 
3. Possibly. When this happened to a computer I worked on, the CPU ended up being fried as well. If it boots and works - just grab a new cheap nic - you'll know soon enough if anything else is damaged (freezing, reboots, etc). 
 
Finally, if you did have it all on a surge protector, contact them for warranty. Many will have a warranty and guarantee. Will you get the money? probably not, but can try. 

GTA V, Battlefield 4, Watch Dogs, etc I have not found a single game it doenst work on

Its been fine with me for everything

Most modern games should support Xinput. The DirectInput should work fine for everything else since you can even rebind the keys to keyboard and mouse buttons.

212 EVO. Basically performs the same as the H60 but for cheaper.

It's decent but to get accurate measurements you need to check with a multimeter. 
Also since you are based in India it has 0.99(PFC) power factor correction so you should be good even though it's a lower tier PSU.

Then why it is happening?
I think VS550 can be falsely or untested advertised in that site or The UPS switching back time is not 6ms.

Would depend on the UPS specifically. Some are capable of switching over in 5ms or even less, which pretty much any PSU will hold up for. However some may take longer then the Corsair VS is comfortable with. I wouldn't expect that good of HUT or any form of electrical performance with the VS, being Corsair's lowest-end power supply.
 
Even the CX which is noticeably better then the VS, has been criticized for poor hold-up time.
 
https://www.techpowerup.com/reviews/Corsair/CX600M/11.html

Urrmmm.. could be overload from the battery from the mains and it turns it self off because of the surge protector maybe? 

Your PSU might not have a long enough HUT (hold-up time) to survive staying on during the period in which the switchover happens (a fraction of a second).