Soultion: Deleting this line from web.config solved it.
Got Error: "HTTP Error 404.3 - Not Found The page you are requesting cannot be served because of the extension configuration. If the page is a script, add a handler. If the file should be downloaded, add a MIME map."
Solution: Ran the command
"aspnet_regiis.exe -ir" from Visual studio command prompt. This .exe can be found in
%windir%\Microsoft.NET\Framework64\v4.0.30319
Got Error while hosting WCF Web service in IIS:
"the configuration section 'protocolmapping' cannot be read because it is missing a section declaration"
Solution: Please make sure the application pool that is used for the website need to be setup to use .Net 4.0 framework.
More tips on the way...