I found a way around this after 3-4 hours of googling. I have added the following
<supportedruntime version="v4.0" sku=".NETFramework,Version=v4.0,Profile=Client" />
If this doesn't solve your problem then--> In the Project References Right Click on System.Data.SQLite--> Select Properties--> Check the Run-time Version --> If it is v2.0.50727 then we know the problem.
The Problem is:- you are having 2.0 Version of SQLite DLL.
Solution is:- You can delete the System.Data.SQLite from the Project references and then download the latest version of DLL's from the following link and add the reference of the latest version DLL reference then it will work.