HTTP Error 500.19 - Internal Server Error while trying to browse web application from IIS

On my attempt to access my site from IIS, i am getting following error.

HTTP Error 500.19 - Internal Server Error The requested page cannot be accessed because the related configuration data for the page is invalid.

Module: IIS Web Core Notification: Unknown Handler: Not yet determinedError Code Error Code: 0x80070005 Config Error: Cannot read configuration file due to insufficient permissions Logon Method:Not yet determined Logon User:Not yet determined

I am not sure what to do. I have already given full control to mycomputerName\ISS_IUSRS for applicationHost file in C:\Windows\System32\inetsrv\config. Also, I have given full control to mycomputerName\ISS_IUSRS for applicationHost file to my solution folder and web.config file. However, when I click on my application from IIS and attempt to browse it by clicking on manage Application\browse, I am still getting this error.

If anyone could help me, that would greatly be appreciated, Thanks