2019 Update

There are various ways to handle this more elegantly now. Please see some other answers on this thread. Tech moves fast so answers can often become out of date fairly quickly. My answer will still work but it’s worth looking at alternatives as well.

2012 Answer

Using your code, the issue is that you haven’t waited for a socket to be assigned to the request before attempting to set stuff on the socket object. It’s all async so:

var options = { ... }
var req = http.request(options, function(res) {
  // Usual stuff: on(data), on(end), chunks, etc...
});

req.on('socket', function (socket) {
    socket.setTimeout(myTimeout);  
    socket.on('timeout', function() {
        req.abort();
    });
});

req.on('error', function(err) {
    if (err.code === "ECONNRESET") {
        console.log("Timeout occurs");
        //specific error treatment
    }
    //other error treatment
});

req.write('something');
req.end();

The ‘socket’ event is fired when the request is assigned a socket object.