Depreciation u/s 32 of i.t. act

One of my client being an Individual is engaged in Manufacturing Activities since last 8 years.

 

In his Books there is a Block of Asset being  Building Premises on which he charging Depreciation every year as per I.T. Act.Till 31.03.2011 the Book value was Rs.43222/- During F.Y.2011-12 the said Building is sold for Rs.6,50,000/- in April,2011 by way of Registered Sale Deed. Now He purchased a new Guest House  for Business Purposes on 28/03/2011 for amount Rs.22,00,000/-

 

Now query is whether we can add the said Guest House in the Block of Building Premises during the financial  year 2011-12 & charge depreciation on the balance amount @ half rate of depreciation as per I.T. Act or not.