In graph at the a particular value (threshold value) in Y-axis horizontal line have to display like a alert for the user. How to achieve this? (In WebI)

How to achieve this in WebI?

Just create a measure for it. Here's an example in E-Fashion:
This is Sales Revenue for 2006; all I've done is added a new measure called "Target", which is just:
=900000
The chart is a combined chart. The Z Axis scale wasn't the same as the Y so I manually changed it to hard coded minimum and maximum values - you get the idea.
HTH
NMG

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