Step-6: Add a ViewModel.

using System;
using System.Collections.Generic;
using System.ComponentModel.DataAnnotations;
using System.Linq;
using System.Web;

namespace RegistrationAndLogin.Models
{
    public class ResetPasswordModel
    {
        [Required(ErrorMessage = "New password required", AllowEmptyStrings = false)]
        [DataType(DataType.Password)]
        public string NewPassword { get; set; }

        [DataType(DataType.Password)]
        [Compare("NewPassword", ErrorMessage ="New password and confirm password does not match")]
        public string ConfirmPassword { get; set; }

        [Required]
        public string ResetCode { get; set; }
    }
}

public ActionResult ResetPassword(string id)
{
    //Verify the reset password link
    //Find account associated with this link
    //redirect to reset password page
    if (string.IsNullOrWhiteSpace(id))
    {
        return HttpNotFound();
    }

    using (MyDatabaseEntities dc = new MyDatabaseEntities())
    {
        var user = dc.Users.Where(a => a.ResetPasswordCode == id).FirstOrDefault();
        if (user != null)
        {
            ResetPasswordModel model = new ResetPasswordModel();
            model.ResetCode = id;
            return View(model);
        }
        else
        {
            return HttpNotFound();
        }
    }
}

Step-8: Add view for the ResetPasswod action of UserController.

@model RegistrationAndLogin.Models.ResetPasswordModel
@{
    ViewBag.Title = "Reset Password";
}
<h2>Reset Password</h2>
@using (Html.BeginForm()) 
{
    @Html.AntiForgeryToken()    
    <div class="form-horizontal">
        <h4>Reset Password</h4>
        <hr />
        <div class="text-danger">
            @ViewBag.Message
        </div>
        @Html.ValidationSummary(true, "", new { @class = "text-danger" })
        <div class="form-group">
            @Html.LabelFor(model => model.NewPassword, htmlAttributes: new { @class = "control-label col-md-2" })
            <div class="col-md-10">
                @Html.EditorFor(model => model.NewPassword, new { htmlAttributes = new { @class = "form-control" } })
                @Html.ValidationMessageFor(model => model.NewPassword, "", new { @class = "text-danger" })
            </div>
        </div>
        <div class="form-group">
            @Html.LabelFor(model => model.ConfirmPassword, htmlAttributes: new { @class = "control-label col-md-2" })
            <div class="col-md-10">
                @Html.EditorFor(model => model.ConfirmPassword, new { htmlAttributes = new { @class = "form-control" } })
                @Html.ValidationMessageFor(model => model.ConfirmPassword, "", new { @class = "text-danger" })
            </div>
        </div>
        <div class="form-group">
            @Html.HiddenFor(a=>a.ResetCode)
        </div>
        <div class="form-group">
            <div class="col-md-offset-2 col-md-10">
                <input type="submit" value="Create" class="btn btn-default" />
            </div>
        </div>
    </div>
}
<div>
    @Html.ActionLink("Back to List", "Index")
</div>
@section Scripts{
    <script src="~/Scripts/jquery.validate.min.js"></script>
    <script src="~/Scripts/jquery.validate.unobtrusive.min.js"></script>
}

Step-9: Add an another MVC action here in the UserController for Reset the password.

[HttpPost]
[ValidateAntiForgeryToken]
public ActionResult ResetPassword(ResetPasswordModel model)
{
    var message = "";
    if (ModelState.IsValid)
    {
        using (MyDatabaseEntities dc = new MyDatabaseEntities())
        {
            var user = dc.Users.Where(a => a.ResetPasswordCode == model.ResetCode).FirstOrDefault();
            if (user != null)
            {
                user.Password = Crypto.Hash(model.NewPassword);
                user.ResetPasswordCode = "";
                dc.Configuration.ValidateOnSaveEnabled = false;
                dc.SaveChanges();
                message = "New password updated successfully";
            }
        }
    }
    else
    {
        message = "Something invalid";
    }
    ViewBag.Message = message;
    return View(model);
}