ASP.Net IIS: HTTP Error 404.13 The request filtering module is configured to deny a request

Here Mudassar Ahmed Khan has explained how to solve the following error in ASP.Net application when hosted on IIS server. HTTP Error 404.13 - Not Found The request filtering module is configured to deny a request that exceeds the request content length. The above error occurs when one tries to upload a file larger than the maximum allowed limit.