Is probability relative?

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If I have tossed the coin 3 times. And got heads. Fourth time, the probability that head comes is 1/16. (For 4 heads in a row). But If another person considers this to be the first toss. Probability for him is 1/2.

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If I have tossed the coin 3 times. And got heads. Fourth time, the probability that head comes is 1/16.

No.   The probability for obtaining four heads among four tosses is $1/16$.   That is a different event.

You want the conditional probability for obtaining a head on the forth toss when given three heads obtained among the first three tosses, which is $1/2$.

Since the individual toss results are independent, this is also simply the probability for obtaining a head on the forth toss.