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First, Microsoft does not have a "Home Basic" edition of Windows 7 (Home Basic was one of the Vista editions). The most basic edition of Windows 7 is called "Windows 7 Starter" and is only available (at least in the US) on certain small "netbook"-type computers, which may be a bit underpowered for the Home Premium edition. (Note that I'm not saying that any particular one is, just that it's possible.)

That said, Windows 7 has a feature called "Windows Anytime Upgrade" that allows you to go from a "lower" edition of Windows 7 (such as Starter) to a "higher" edition (such as Home Premium). The cost is around $80 for the Starter to Home Premium upgrade directly from Microsoft; you may be able to get it for slightly less from retailers such as Amazon.com.

If you actually have Windows Vista Home Basic, the upgrade price to Windows 7 Home Premium (again, directly from Microsoft) is about $120.

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Q: How can you upgrade your genuine windows 7 home basic to home premium without having to buy a new full home premium?
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