1. When a bucket full of water is immersed in water, the net force acting on the bucket = weight of the bucket full of water-the buoyant force exerted by the water on the bucket. The buoyant force due to a fluid is proportional to the density of the fluid.
2. The density of water is much greater than that of air. Therefore, the buoyant force acting on a bucket full of water while it is in water is much greater than that when it is out of water, i.e., in air. Hence, it appears to weigh less, while it is in water than when it has been pulled out of water.