what if i try to see the waveform of the signal present in the hot wire(wrt earth) of the grounded neutral 1 phase system?
what would it be like?
will it be like that of a half rectified AC (because negative cycle goes to earth from neutral) ??

 

See answers in the other thread you started on the same subject and if you're not familiar working with AC mains power I'd keep far away from it until you gain a comprehensive working knowledge of the stuff.

There's also a reason most techs employ an isolation transformer when using test equipment around house current powered devices, the stuff can be flat dangerous.