"The body of Lt Kiran Shekhawat has been reocovered from the fuselage of the aircraft. They body is being taken to Goa," Navy Spokesperson Captain D K Shamra said in New Delhi.
Shekhawat, an Observer, had taken part in the first all-women marching contingent of the Navy during the Republic Day parade.
INS Makar, a naval hydrographic vessel, had detected a large metallic object using its side-scan sonar at a depth of 50-60 metres.
The maritime surveillance aircraft had crashed south-west off Goa coast on Tuesday night at 2208 hours.
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Commander Nikhil Kuldip Joshi, who was flying the aircraft and has 4,000 flying hours to his credit, was rescued about an hour after the crash by a fishing vessel.
Presently, there are 12 ships, including two of Indian Coast Guard, and four aircraft involved in the search and rescue operations.
A Board of Inquiry has been ordered to establish the cause of the accident.