Internet of Things (IoT) become discretionary part of everyday life and could befall a threat if security is not considered before deployment. Authentication and access control in IoT is equally important to establish secure communication between devices. To protect IoT from man in middle, replay and denial of service attacks, the concept of capability for access control is introduced. This paper presents Identity establishment and capability based access control (IECAC) protocol using ECC (Elliptical Curve Cryptography) for IoT along with protocol evaluation, which protect against the aforementioned attacks. The protocol evaluation by using security protocol verification tool shows that IECAC is secure against these attacks. This paper also discusses performance analysis of the protocol in terms of computational time and compared with other existing solutions.