I would suggest checking your IIS installation and its configuration with .NET.
1) Go through the Server Management interface and click 'Add Roles'. Or go to Control Panel -> Programs and Features -> Turn Windows features on or off. Ensure IIS is installed correctly with the requirements you will need.
2) Check if the .NET framework you require is installed correctly and registered with IIS. Check this answer. To register follow these steps -
- Open command prompt
- Navigate to the .NET framework folder = Look at the section 'Finding the Correct Version of Aspnet_regiis.exe' of this page to find the correct version of aspnet_regiis you might need.
- run this command 'aspnet_regiis -ir'
Installs and registers ASP.NET 4. This option is the same as the -i option except that this option does not change the CLR version that is associated with any existing application pools.
Source: MSDN - ASP.NET IIS Registration Tool
3) Ensure your AppPool for the MVC application is running in integrated mode with a later version of .NET (I believe it should be 4).