HTTP 500 on deploying VB application

I was deploying a legacy application developed in VB for an old client on their new VM.
I was deploying the package on Win 2008R2, using IIS 8.0.
The application gave error "HTTP 500 General contact web administrator".

The error was pointing to IIS.

Background :
HTTP 500 General error can only be resolved by fixing web server.
The error occurs due to settings issues in web server.
There is no client side issue.

Steps to solve issue:
1. Check web server logs and analyse issues reported. If no issues are reported verify logging is enabled.
2. Update browser settings to show detailed HTTP error messages.
3. Check web server settings.

I was able to fix my issue by enabling ASP parent path in IIS.

Hope this may help someone who unfortunately has clients still using VB applications.