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.
1. Make a separate applicaiton pool.
a). Set .NET Framework version to 4.0
b). Managed pipeline mode : Classic
2. Set Applicaiton Pool Identity to "LocalSystem".
3. Follow the steps same as to deploy a web application on IIS like creating a Virtual
4. Create the Virtual Directory set that Application Pool you have created.
5. And consume the WCF Service in Client application.
Click here to watch the video
Kindly Update this question / answer thread, if you find more about this.