The body is moving downward in a fluid with uniform velocity - it means that the net force on the body must be zero.
the body is moving downward inside the fluid ,so it is "sinking " as time elapses and it can not be called submerged.
Now about forces operating on the body - the following are acting-
the gravitational pull of the earth equal to (mass x acceleration due to gravity).
The force of buoyancy provided by the liquid/fluid acting upwards opposite to the weight.
The force of viscous drag due to relative motion between layers of fluid and the contact surface of the body and this drag is /may be proportional to the velocity of the body and acts in a direction opposed to the motion of the body-
So it acts upward .The drag is also proportional to coefficient of viscosity of the fluid.
Therefore the force equation for the moving body should be,
F(net)= mg -buoyant force - viscous drag= 0 .
A different conclusion from the question given above :
The wt. of the body must be equal to sum of the buoyant force and viscous drag acting on the body.
The uniform speed is called "Terminal velocity".
This experiment is Stoke's Experiment to find the coefficient of viscosity of the fluid.