Posted:
Originally posted by: Arshisarunrocks
Select the magic wand tool from the left-side bar and and click on the background which you want to delete . There will be selection around the heart and the outside border of the rectangle canvas . Press delete .
Hope this works
Or maybe you can put a heart layer (exactly same as the one which is your sig) below the layer which is creating the non-transparent layer and then create clipping mask on the non transparent layer..
Umm I hope you understand this I can't quite explain it properly..
credit - maker 
Seher Hone Ko Hai
Cricket
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