The buoyancy depends upon the :

Concept:

Buoyancy:

• Whenever a body is immersed wholly or partially in a fluid it is subjected to an upward force which tends to lift (or buoy) it up. This tendency for an immersed body to be lifted up in the fluid, due to an upward force opposite to action of gravity is known as buoyancy.
• The force tending to lift up the body under such conditions is known as buoyant force or force of buoyancy or upthrust.
• The magnitude of the buoyant force can be determined by Archimedes' principle which states as follows:
• "When a body is immersed in a fluid either wholly or partially, it is buoyed or lifted up by a force, which is equal to the weight of fluid displaced by the body."

​Hence option (2) is the correct answer.