Here is the watercolor version of a pen and ink drawing by Marcia Carole, who recently returned from a trip to India. She and friends from an English Institute in Varanasi painted a black and white mural of this same image while she was there. You can see the mural here.
Here is Marcia's description of the tree's symbolism:
In the base or root system, I have symbols that represent creation - sun, moon, stars, fish, birds, mountains and water, Adam and Eve, the fruit(apple) is connected to 2 hearts with the symbol for Jesus in the trunk. The stars reappear as Abraham's promise, then a symbol with 12 swirls representing the 12 tribes. and life with the leaves going up the trunk. The Holy Spirit is the flame symbol in the branches, with fruit - heart leaves, flowing out of the flame. New life in Jesus produces healing from sin and death, so the flowering areas of the tree. I have the 12 disciples in there and early church.
You can read more about the watercolor version at her blog, The Creative Call.