Is their any track changes option available in LaTex, similar to word. If some other person want to mark comments in my LaTex document, is that possible?
There are different ways to track changes in latex. Because it is basically just code, you can use a sourcecode tracking tool like git.
As a single person writing a document, I found latexdiff useful. It allows you to create a modified document and compare it to another (original) document. The script then creates a diff-document that, when compiled, gives you word like syntax highlighting with red striked out text and blue added text e.g.
Not in general - if you are working with several people on the same document, it can be helpful to use a version management system (like SVN or Git). It did this for one of my last scientific proposals.
Furthermore, you could have a look at online tools like