Usually these errors may happen once we are hosting our site into IIS for the first time. So searched and got an apt solution for this, so I think its better to share with you guys.
Steps for resolving this issuse:-
32 bit System
Start -> Run -> Command Prompt(as administrator)type this code
%windir%\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe -i and press ok
For 64 bit
System%windir%\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i