Samples with the nominal composition Bi 2 Sr 2 GdCu 2 O y in Bi -2212 where Gd replaces Ca as well as samples without Gd were prepared by solid-state reaction method. From the room temperature X-ray diffraction data, the samples were found to be similar to the single phase Bi -2212 structure. Impedance studies were performed from room temperature to 423 K at different frequencies in the range of 10 to 700 KHz. The AC conductivity increases with temperature and frequency, exhibiting frequency dispersion at low temperature region. The activation energy from AC conductivity in the high temperature region is found to be 0.432 eV. The permitivity increases with the increase in temperature and at 373 K it shows a maximum value exhibiting a dielectric loss. Complex impedance spectra are analyzed in terms of bulk relaxation and interfacial effects. The activation energy of the dipoles involved in the relaxation was estimated to be 0.482 eV. The universal power law of Jonscher is verified in the present system.