Hi Sachini! Aliph's description is a good illustration of the difference between "equality" and "equity". (Jorry's response seems ideologically motivated and I don't think it will really help to understand the meaning of the words.)

Imagine you go to a movie cinema. You are an adult and a 10 year old child comes with you.

You both sit on a chair. The chair has the same height. That’s EQUALITY 

You see the screen with no problem. The child which is shorter needs to sit on a cushion or any supplementary seat that compensate for his shortness, that’s EQUITY!

Equity- use it in mostly a financial sense

Example: I have a mortgage  on my house and after paying the interest on the loan; I will begin building equity in the property.

equality- use it in many different ways

Example: There is equality between all people in utopia.