Vivek:
Are you sure? After a fresh install the space taken by contents of /boot exceed 12MB, and that just one kernel.
:) Well, I didn't write it down. So, it's looking like my recollection is a bit off.
Can you post a link? I suppose this must be a very old article, probably from a time when the kernel could fit on a floppy.
http://tldp.org/LDP/lame/LAME/linux-admin-made-easy/install-partitioning.html