Well this is quite an easy job if you know few basics of Photoshop.

Well this is what we going to make Now

Well start a new window with about 400 X 400 pixels.

Now first open the PATH tool window and create a new path in it. Then from the tools select “add anchor point tool”. Then create a heart shape as show below:

Then in the path window, at the corner you find an arrow button. Click it. From the menu select “make selection”

Now set the Feather Radius as 3. This is how the heart will appear.

Now create a new layer in the Layer window. You see the heart shape in the dotted lines.

Now select the bucket to fill the color. I chose #D70000 for the heart color. After you fill the color you need to press Crtl+D to deselect the heart.

Now the layer window, select the layer of the heart. Then press Ctrl key and click the heart layer. You see the whole heart is selected with the dotted lines. Now create a new layer and select it. Click on the gradient tool from the tools window. Then fill the gradient color from top to bottom.
And 85% of your hear ready.

Now time select “Magnetic Lasso Tool” and select the bottom of the heart something like this

Then fills the gradient color from bottom to top in a new layer.

Now type Ctrl+D to deselect the dotted portion.

You are done…
And this is it.