The above error message indicate that you haven’t configured your ASP.NET 4 on your IIS. To configure IIS7.0 to use ASP.NET 4, please follow this steps:

- Open command prompt under Administrative privileges.
- Navigate to this location C:\Windows\Microsoft.NET\Framework\v4.0.30319.
- Locate aspnet_regiis.exe file.
- Run the utility with –i switch to register ASP.NET 4.0 with IIS7



And you can see it will work now.