Tv comes on then instanty goes off red light flashes 5o inch flat

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Those blinks [flashes] are fault indication (Error Codes). From the number of blinks occur at one time switch ON, you can get an idea about the faulty circuit section inside it. This will make repair easy. These are called blinking codes. Make sure about the exact number of blinking of the standby/power LED, by switching On & OFF the set, for at least two times. Count it carefully. If you wish to get some details, check the site linked here. It has details about blinking codes, and fault locating procedure, to many popular brand TVs and other devices.
http://electro-medical.blogspot.com/
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http://electronicshelponline.blogspot.com/
If blinks continue without any pause, the main board is faulty.

you have a power fault and it needs a tv engineer to fix it

Go into menu and switch from demo to home.

Hello,
the error light sequence that you are seeing is indicating a "backlight error". Most likely you have a bad inverter board -the board that powers up the back-lights behind the display panel. They might be available via ebay if you are a DIYer, or you need to call for sony service.
Good Luck!
Rich Lilja

Hi,you need to have the capacitors in the powersupply replaced

It sounds that the main digital board has damaged. 12 blinks indicates it. if you wish to know more check this link for more details about 12 blinks to Emerson TVs

With most flat panel TVs, the TV turn itself OFF when it has a fail electronic part and the red light starts flashing. They call this "Protection Mode". The flashing red light should be a error trouble code.
But, it's weird that everything is working and the red light is flashing. Since you just recently bought the TV, I would get it check out while it's still under warranty. Better safe, than sorry.

http://www.tvrepairdoctor.com

need new lamp