One of my colleague asked me that "What time can I call you". I need to answer him.
Is this correct? If not please suggest the correction(s).
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The short answer is that it is grammatically correct.
The longer answer is that it sounds a little formal, and depending on the situation, there may be better alternatives.
If there's an element of the phone call being urgent or time critical, then you could say
If it's not urgent, and you just want to convey that you are happy for him or her to call you back, then something like
might be more suitable.