Creating heart with arrow going through it

Start by creating a heart shape using custom shape tool.

Double click the layer to open layer style window. Apply settings as shown.

Create "Arrow 15" shape using custom shape tool. Rotate it and place diagonally.

Double click the layer to open layer style window. Apply settings as shown.

From layer menu select layer style>>create layers. Select and merge all the resulting layers. Create a rectangular selection using rectangular marquee tool. Press Ctrl+Shift+J to cut paste the selection in a new layer. Move the other layer below the heart layer in layer order in layer palette.

Create an elliptical selection using elliptical marquee tool. Press Alt+Ctrl+D to feather the selection. Create a new layer and fill it with black color.

Double click the layer to open layer style window. Apply settings as shown.

Select and merge all the layers. Double click the layer to open layer style window. Apply settings as shown.