If you get the above message from IIS while working with ASP.NET 4.5 or above, the most likely cause is that you’re missing the ASP.NET 4.5 in your development IIS.

Here’s the resolution

To install or uninstall ASP.NET 4.5 on Windows 8 or Windows Server 2012, use one of the following options:

• Run the following command from an administrative command prompt: dism /online /enable-feature /featurename:IIS-ASPNET45
• For Windows 8 client computers, turn on “IIS-ASPNET45” in “Turn Windows Features On/Off” under “Internet Information Services-> World Wide Web Services -> Application Development Features -> ASP.NET 4.5”.
• For Windows Server 2012 computers, enable “IIS-ASPNET45” using Server Manager, under “Web Server (IIS) -> Web Server ->Application Development -> ASP.NET 4.5”.

In Windows 8 Turn Windows Features On/Off