The dielectric and piezoelectric studies were carried on La doped Lead Zirconate Titanate PZT (PLZT) ceramic prepared by the method of homogenous precipitation. The material showed better dielectric constants and piezocoefficients compared to the solid state sintering method. The important point is the fine particle size and hence sintering at lower temperature. The dielectric behavior is typical of polar dielectrics with a perovskite structure. The PLZT samples with 8 % La exhibits the maximum figure of merit needed for under water sonar applications.