While deploying my web project created using VS 2010(.Net 4.0) on OS Windows 7 and IIS 7.5 I got the following errors which took some time to be resolved. I am sharing the information here so if anyone else faces the same situation, the solution is at hand.

Error-1
404.2 the page you are requesting cannot be served because of the ISAPI and CGI restriction list settings on the web server.
Solution:
1. Open IIS and click the server name.
2. Go for Featured view and double click ‘ISAPI and CGI Restrictions’.
3. Right click on ‘ASP.NET v4.0…’ and check the allow checkbox. apply >> ok.
Error-2
This assembly is built by a runtime newer than the currently loaded runtime and cannot be loaded.

Solution:
1. Double Click on ‘ApplicationPool’.
2. Right click on the proper Application Pool for your project >> Set Application Pool Defaults >>
Set the “.NET Framework Version to ‘v4.0’ here” >> OK