Xbox One, they've said there's nothing technically limiting it from outputting 4K, there's no reason to disbelieve that; the hardware likely supports that resolution; that's not hard to do. Sony might, or might be able to with an update, but has been quiet about any 4K support other than for games (where it explicitly says it doesn't).
As always the game itself will render at whatever resolution the devs decide and then it'll be scaled up to the actual resolution of the output. Neither console has the power to render complex games natively in 4K, so in either case it'll either be upscaled output or games with trivial graphics.
Neither support HDMI 2.0 at this point so 4K at 60fps is out for both unless they can update through firmware (which I read somewhere Sony says they could do).
Where 4K support would actually matter is in content. There's no 4K standard for Blu-ray so who knows if they'll be able to support it. Netflix and similar streaming, both should be able to do it from a CPU/GPU point of view, and Xbox One says they support the resolution so should be able to do it, and I'd be really surprised if PS4 couldn't as well.
Though it is a bit surprising that neither have come out with 4K streaming support for Netflix, so maybe neither can actually do it at all.
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Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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