The problem could be:
See also
... which helped me fix a similar issue.
You'll likely need to re-register ASP.Net version 4 with IIS.
Navigate to your .net framework 4.0 folder, and run aspnet_regiis.exe -i
For example, my .net framework 4.0 folder (Server 2k8 R2 x64) was located at: C:\Windows\Microsoft.NET\Framework64\v4.0.30319
Run the following command to fix this problem.
Start --> Run:
%windir%\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe –i
If you get an error about ADMIN rights you need to do the following.
1. CTRL+SHIFT+ENTER from the RUN menu will run as ADMIN
2. START --> PROGRAMS --> ACCESSORIES --> Right-click on command prompt and "run as administrator"
From Control Panel open IIS manager -> on Left side select "Application Pools" -> Now on middle part your project listing display then select your project e.g. "MvcApplication1" -> from right side select "set Application Pool Defaults" -> Now change .Net Framework Version from V2.0 to V4.0
This one is work for me but make sure you have already installed .Net Framework 4.0 .
You can also open your projects property pages in VS, and in "Build" section choose as "Target Framework" - .NET Framework 4. It helped me with the same issue.
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