Semantic IoT Framework is a flexible data management and processing platform for any type of data, built on Semantic Data Platform (SDP). SDP is based on declarative fact oriented approach for modeling, that enables the models to be executable themselves. The declarative nature of data semantics enables defining or modifying of data models dynamically with new concepts, relationships or constraints without having to change any other parts of the systems. The Event Manager, Data Processing and Analytics engine forms the core part of the proposed semantic IoT framework, which enables consumers to listen to metadata and data changes, derive analytics and fire domain specific business rules or policies. Therefore, Semantic IoT approach provides great agility in defining, modifying and interpreting metadata. A simple home automation usecase is presented to demonstrate how a device can publish its metadata as semantic facts including business rules or policies as constraints as well as publish the data to semantic data service running on the cloud infrastructure. The future work presented includes extending the semantic approach to collaboratively evolve IoT data model standard among device vendors.