After search on google and watching videos. Finally I got the solution.
This error occur due to IIS configuration that I was not bother about.
- open your IIS Manager console.
- Make a separate applicaiton pool.
a). Set .NET Framework version to 4.0
b). Managed pipeline mode : Classic - Set Applicaiton Pool Identity to "LocalSystem".
- Follow the steps same as to deploy a web application on IIS like creating a Virtual Directory.
- Creatig the Virtual Directory set that Application Pool you have created.
And consume the WCF Service in Client application.
Kindly Update this question / answer thread, if you find more about this.
Thanks :)