Shields overlaps on a common Pin

Currently , I am having a Arduino GSM shieldhttp://arduino.cc/en/Main/ArduinoGSMShield, I have planned to purchase GPS shield Adafruit Ultimate GPS Logger Shield - Includes GPS Module : ID 1272 : $29.95 : Adafruit Industries, Unique & fun DIY electronics and kits, In the GPS module uses Pin 7 & 8 for Rx and Tx. But the GSM shield uses Pin 7 for Modem Reset. Now the Pin 7 overlaps.

Will it affect in anyway ? What consequences I need to face by mounting to a common pin? Is there any option for these types issue ? How it can be solved ?

Without looking at the 2 shields, my guess is you will have to physically modify one of the shields and modify your code or library. You'll likely have to cut a trace to pin 7 from one of the shields, probably from the GSM shield. Then you'll have to solder a jumper wire to the other end of that trace (whatever component it connected to) and connect that jumper wire to an unused I/O pin. Then modify the GSM library to use that new pin as the reset pin.