As I said I tried keeping the dbschema three locations ,the picture I attached shows only the last options.But I tried in all three locations.
1)Inside META-INF -->Deployment failed saying it not able to read/access the dbchema file .
2)Inside ejbModule but outside META-INF--->Deployment failed because of NullPointerException.
3)Inside TestGlassFishEJB but outside ejbModule --->Deployment failed because of NullPointerException.
I'm refering the dbschema file in sun-cmp-mappings.xml as below
<schema>GBSPID</schema>
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