If an object is floating in some fluid say water, then its portion will be immersed in water and the portion immersed will be such that it displaces liquid of equal volume so as to provide buoyant force to the object and consequently the obect floats.

Under free fall of an object or system there is a phenomenon of WEIGHTLESSNESS. Thus, the body which was floating will continue to float and its none of the fration/portion will be immersed in the water and there will not be any buoyancy.