Let the fraction be \( \frac{x}{y} \), where \( x \) is the numerator and \( y \) is the denominator.
We are given two conditions:
1. When 1 is added to the numerator, the fraction becomes \( \frac{1}{3} \):
\[
\frac{x + 1}{y} = \frac{1}{3}.
\]
2. When 1 is subtracted from the denominator, the fraction becomes \( \frac{1}{4} \):
\[
\frac{x}{y - 1} = \frac{1}{4}.
\]
Step 1: Solve the first equation.
From the first equation:
\[
\frac{x + 1}{y} = \frac{1}{3} \quad \implies \quad x + 1 = \frac{y}{3} \quad \implies \quad x = \frac{y}{3} - 1.
\]
Step 2: Solve the second equation.
From the second equation:
\[
\frac{x}{y - 1} = \frac{1}{4} \quad \implies \quad x = \frac{y - 1}{4}.
\]
Step 3: Set the two expressions for \( x \) equal.
Now, equate the two expressions for \( x \):
\[
\frac{y}{3} - 1 = \frac{y - 1}{4}.
\]
Multiply both sides by 12 to eliminate the denominators:
\[
12 \left( \frac{y}{3} - 1 \right) = 12 \left( \frac{y - 1}{4} \right).
\]
Simplifying:
\[
4y - 12 = 3(y - 1).
\]
Expanding:
\[
4y - 12 = 3y - 3 \quad \implies \quad 4y - 3y = 12 - 3 \quad \implies \quad y = 9.
\]
Step 4: Find \( x \).
Substitute \( y = 9 \) into \( x = \frac{y}{3} - 1 \):
\[
x = \frac{9}{3} - 1 = 3 - 1 = 2.
\]
Conclusion:
The fraction is \( \frac{2}{9} \).