I was told my return has to be amended there is discrepancy in line 7 which is 48995 and sum of all W-2 which is 47508.76 discrepancy is1487 does it have to be amended?

Who told you it needed to be amended?
Are there any codes shown to the left of Line 7, such as SCH, HSH, DCB, etc.?
Or did you receive a Form 1099-R with a code of 3 in box 7 for disability and you were under the age for retirement?

I am applying for down payment assistance grant, they said it. Line ends with SCH 1486 , which in the actual discrepancy in question. No I didn't receive the form. I am not disabled.

SCH stands for taxable scholarship income.  The number shown is the amount of taxable scholarship income included in Line 7.  In this case $1,486.
See this TurboTax support FAQ for taxable scholarships - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2172062-why-is-my-scholarship-taxable">https://ttlc.intuit.com/questions/2172062-why-is-my-scholarship-taxable</a>
See this TurboTax support FAQ for Line 7 - <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1901084-line-7-wages-salaries-tips-etc-on-my-1040-doesn-t-match-my-w-2">https://ttlc.intuit.com/questions/1901084-line-7-wages-salaries-tips-etc-on-my-1040-doesn-t-match-my-w-2</a>

Additionally, your tax return does NOT need to be amended because of the Line 7 amount.  The tax return was properly completed when filed with the IRS.

Go to IRS Form 1040 instructions for Line 7, page 22 - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf#page=22

Scholarship and fellowship grants not reported on Form W-2. Also, enter “SCH” and the amount on the dotted line next to line 7. However, if you were a degree candidate, include on line 7 only the amounts you used for expenses other than tuition and course-related expenses. For example, amounts used for room, board, and travel must be reported on line 7.