A protection cap assembly for fastener assembly for protecting bolts in various places. The protection cap assembly includes: (i) a clipping ring, (ii) a gripping shaft, and (iii) a cap. The clipping ring is made from plastic. The gripping shaft holds the clipping ring. The gripping shaft includes (i) a pair of set screws (ii) a first channel, (iii) a second channel, (iv) a first set of one or more fins, and (v) a second set of one or more fins. The pair of set screws engages with the nut. The first channel holds the clipping ring. The first set of one or more fins and the second set of one or more fins are arranged inside the gripping shaft. The gripping shaft further includes a big inlet to accommodate a big sized bolt and a small inlet to accommodate a small sized bolt. The cap is adapted to telescope on the gripping shaft. The gripping shaft is made from plastic. The cap encloses the gripping shaft. The cap includes a hole that encloses the gripping shaft. The cap is made from a plastic.