There is 2 ways of finding current / particular transaction level :-
1)
SELECT CASE transaction_isolation_level
WHEN 0 THEN ‘Unspecified’
WHEN 1 THEN ‘ReadUncomitted’
WHEN 2 THEN ‘Readcomitted’
WHEN 3 THEN ‘Repeatable’
WHEN 4 THEN ‘Serializable’
WHEN 5 THEN ‘Snapshot’ END AS TRANSACTION_ISOLATION_LEVEL
FROM sys.dm_exec_sessions
where session_id = @@SPID
2)
DECLARE @UserOptions TABLE(SetOption varchar(100), Value varchar(100))
DECLARE @IsolationLevel varchar(100)
INSERT @UserOptions
EXEC(‘DBCC USEROPTIONS WITH NO_INFOMSGS’)
SELECT @IsolationLevel = Value
FROM @UserOptions
WHERE SetOption = ‘isolation level’
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Reference : Rohit Garg (http://mssqlfun.com/)