lordsathish,
It is true that the voltage across either reactive element can be greater than the applied voltage. For a series resonant circuit, the capacitive reactance exactly cancels the inductive reactance (they are 90 degrees out of phase with each other) for a net reactance of zero. The current, therfore is equal to Vin/R, where Vin is the applied sinusoidal voltage. The magnitude of the voltage is, therefore equal to the current times the reactance. If R = 0, then the current is infinite, and the voltage across each reactive element is infinite. Of course, this situation never happens in the real world.
Regards,
Kral