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Let the number of liters of water in the tank originally be $w$, and let the number of liters of water the tank can hold when it is full be $c$. Originally, we have the equation $\frac{w}{c}=\frac{1}{5}$. Cross multiplying, we have $c=5w$, or $w=\frac{c}{5}$. After three liters of water are added, we have the equation $\frac{w+3}{c}=\frac{1}{4}$. Cross multiplying, we have $c=4w+12$. Substituting the previous expression for $w$ into this last equation to eliminate $w$, we get $c=4(\frac{c}{5})+12$, or $c=60$. Thus, the number of liters of water the tank can hold is $\boxed{60}$.