Ok. I got the answer. Aisa bhi hai. Sahi hai. Here's the extract from the latest TRAINS AT A GLANCE PAGE 305-306.:
"If you are holding a confirmed ticket and are unable to travel, your ticket can be transferred to your family members viz; father, mother, brother, sister, son, daughter, husband and wife. To transfer your ticket, you must submit your request at least 24 hours in advance of the scheduled departure of the train.
Tickets can also be transferred to another Government Servant travelling on duty, at least 24 hours in advance...
more... of the scheduled departure of the train.
Tickets can also be transferred to other students of recognised Educational Institution when the Principal/Head makes a request at least 48 hours in advance of the scheduled departure of the train.
Tickets can also be transferred to other members of a marriage party, if the head of such a party makes a request at least 48 hours in advance of the scheduled departure of the train.
Tickets can also be transferred to other cadets of NCC, if the head of the group makes a request at least 24 hours in advance of the scheduled departure of the train.
Such changes can be made only once - if the request does not exceed 10% of the total number of group members.
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1. The application in all the above cases has to be made to the Chief reservation Supervisor of the starting station.
2. However I am not sure how this can be done if one has made bookings on-line via IRCTC site. One may get this clarity only if one had a talk with the CRS of any major station.