Hi Amit,
Since the Microsoft .NET Framework 4.0 is backward-compatible with applications that were built with the .NET Framework versions 1.1, 2.0, 3.0, and 3.5, you should not experience any problems in an application that targets Microsoft .NET Framework 4.0 and references Telerik.Web.UI.dll that targets Microsoft .NET 3.5.
However, I would recommend you to use the controls that target the latest framework version in order to take advantage of the improvements and new features, introduced in this version.
Best regards,
Chavdar,
the Telerik team
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