to increase timeout of WCF service request and response. Open Reference.cs file from MVC application, you will see
GetBindingForEndpoint update this method as per your required values.
if ((endpointConfiguration == EndpointConfiguration.BasicHttpBinding_IYourService))
{
System.ServiceModel.BasicHttpBinding result = new System.ServiceModel.BasicHttpBinding();
result.MaxBufferSize = int.MaxValue;
result.ReaderQuotas = System.Xml.XmlDictionaryReaderQuotas.Max;
result.MaxReceivedMessageSize = int.MaxValue;
result.AllowCookies = true;
//Here's where you can set the timeout values
result.SendTimeout = new System.TimeSpan(0, 5, 0);
result.ReceiveTimeout = new System.TimeSpan(0, 5, 0);
return result;
}