Because buoyant force act in a direction opposite the force of gravity the net force acting on an object submerged in a fluid such as water is smaller than the objects weight.
1-According to Archimedes' principle the loss in the weight of the object completely or partially submerged in a fluid is equal to the weight of the liquid displaced by it.
2-This happens because of the buoyant force acting in the direction opposite to the direction of the weight of the body.
3-Buoyancy force/loss in weight/weight of the liquid displaced is
where The density of the fluid is
Acceleration due to gravity is
The volume of liquid displaced is
Hence, the given statement is true.