Hi, Deepak!
Congratulations on your new iPad Air! We understand that you have questions regarding what data will transfer if you use one of the recommended data transfer options. We're happy to help!
What data transfers via each method depends on whether or not you use iCloud for certain content. Regardless of the transfer method, though, as long as you sign into iCloud and other Apple services (like the iTunes and App Stores) with the same Apple ID you used on the old one, all of the content on your current iPad Air will transfer to the new iPad Air:
Transfer data from your previous iOS device to your new iPhone, iPad, or iPod touch - Apple Support
Sign in with your Apple ID - Apple Support
To ensure your passwords are synced, you can enable iCloud Keychain before transfer: Set up iCloud Keychain - Apple Support.
Thanks for stopping by the Apple Support Communities!
Enjoy your new iPad.