This can be done by:
- Start > run > regedit
 - In the Registry Editor, browse to: HKEY_LOCAL_MACHINE > SOFTWARE > Microsoft > NET Framework Setup > NDP > and depending on the version choose:
 - v3.0 > Setup > 1033 (ie 3.0.*)
 - v3.5 > 1033 (ie 3.5.*)
 - v4 > Full > 1003 (ie 4.5.*)
 - v4.0 > Client (ie 4.0.0.0)
 - In the right pane you will see a row named Version and a number under column Data. This value is the installed .NET verson.
 
Note. In the Application Pool .NET 4.5 will still be visible as .NET Framework v4.0.*. That is why the Regedit check gives more certainty.