I tried to install MVC3 on Visual Studio 2010 by following this link, but got an error as shown in image.

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Upgrade your Web Platform Installer to 4.0 found here: http://www.microsoft.com/web/downloads/platform.aspx
If that fails you can always install MVC 3 manually here:
http://www.microsoft.com/en-us/download/details.aspx?id=1491