Hi Srinivas,
Ax 2012 R3 CU8 or above:
Make sure you have VS 2013 installed. Also install "VS2013 tools for AX" through AX Setup.
AX 2012 R3, AX 2012 R2 or AX 2012 FP:
Make Sure you have VS 2010 installed and also install "VS tools for AX" from AX Setup.
Please verify answer when you get your problem fixed because of the people who spend time to answer your question :)