this is because in your IIS setting the ASP.NET version has been set 2.0. not to 1.1 in order to fix this either change this to 1.1 or select non of them then it will work the steps are as follow:
--Go to your IIS
--right click on the Defaultwebsite-->properties-->ASP.NET tab--> ASP.NET version(change this one)
Let me know if you need further clarifications
Khaled