Insert Data directly from Select Query into Table SQL Server

try this,

IF EXISTS (SELECT * FROM trans WHERE cid =36 and pid=37)
UPDATE trans set pid='37' WHERE cid =36 and pid=37
Else
insert into trans (tid,cid,pid,qty,rate,frmdt,todt)
select '207','36','37','0',prate,'1/1/1900','1/1/1900' from M_PRDT where PID=37

thankls 
tht works but there is slight prblm in this which i had not noticed

1) how do i update the rate in update stmt given above rate= ??
2)suppose the rsate of a product X till last month was 100 but the rate was updated in the master product table from current month
  so when above stmt is executed fr current month then the rate of product X shld not be update fr any previous months
it shld be updated frm current month only

my trans tbl has fields 
tid	cid	pid	qty	rate	month	Year	AMOUNT	Billno	frmdt	todt 

try this,

declare @Rate int
set @Rate = (select prate from from M_PRDT where PID=37 )
IF EXISTS (SELECT * FROM trans WHERE cid =36 and pid=37)
UPDATE trans set pid='37',rate =@Rate  WHERE cid =36 and pid=37
Else
insert into trans (tid,cid,pid,qty,rate,frmdt,todt)
select '207','36','37','0',@Rate,'1/1/1900','1/1/1900' 

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ok

when i exec this storedprocedured using query analyser i get it executed but same when executed from the application i get incorrect syntax

how do i debug?

paste your code here