Library versions should be specified for shared objects if the function interfaces are expected to change (C++ public/protected class definitions), more or fewer functions are included in the library, the function prototype changes (return data type (int, const int, ...) or argument list changes) or data type changes (object definitions: class data members, inheritance, virtual functions, ...).
The library version can be specified when the shared object library is created. If the library is expected to be updated, then a library version should be specified. This is especially important for shared object libraries which are dynamically linked. This also avoids the Microsoft "DLL hell" problem of conflicting libraries where a system upgrade which changes a standard library breaks an older application expecting an older version of the the shared object function.
Versioning occurs with the GNU C/C++ libraries as well. This often make binaries compiled with one version of the GNU tools incompatible with binaries compiled with other versions unless those versions also reside on the system. Multiple versions of the same library can reside on the same system due to versioning. The version of the library is included in the symbol name so the linker knows which version to link with.
One can look at the symbol version used: nm csub1.o
00000000 T ctest1
No version is specified in object code by default.
Look ld and object file layout
There is one GNU C/C++ compiler flag that explicitly deals with symbol versioning. Specify the version script to use at compile time with the flag: --version-script=your-version-script-file
Note: This is only useful when creating shared libraries. It is assumed that the programmer knows which libraries to link with when static linking. Runtime linking allows opportunity for library incompatibility.
Also look here regarding ABI compatibility