Are there any specific exercises which target belly and thigh fat , also does walking on an incline on the treadmill slim down your thighs and calves?

Spot fat loss does: not occur naturally. By losing weight in general some may be ab or thigh fat. But, we don't get to choose what area of body fat is lost from. Eat healthy & be physically active. Calories burned must > those consumed. Tighten ab's: crunches, reverse crunches, exercise ball crunches, pelvic thrusts, lying leg raises, side bridge & “bicycling” exercise on back. Do regular aerobic exercise. Tone >

No: Exercising one part of your body does not slim it. You can tone the muscles and look trimmer but belly and thigh fat decrease just like fat in the rest of the body. So when you diet and exercise your body will lose weight everywhere. Walking on an incline can strengthen your calf and buttocks muscles in particular, which is great. Better tone and strength look great but not slimmer.