Hii,
In order to handle a timeout:
var xmlHttp = new XMLHttpRequest();
xmlHttp.open("GET", "http://www.example.com", true);
xmlHttp.onreadystatechange=function(){
   if (xmlHttp.readyState == 4 && xmlHttp.status == 200) {
      clearTimeout(xmlHttpTimeout); 
      alert(xmlHttp.responseText);
   }
}
// Now that we're ready to handle the response, we can make the request
xmlHttp.send("");
// Timeout to abort in 5 seconds
var xmlHttpTimeout=setTimeout(ajaxTimeout,5000);
function ajaxTimeout(){
   xmlHttp.abort();
   alert("Request timed out");
}
In IE8, You can add a timeout event handler to the XMLHttpRequest object.
var xmlHttp = new XMLHttpRequest();
xmlHttp.ontimeout = function(){
  alert("request timed out");
}
Hope this works!! 
Thank You!!