Ltcg on sale of foreign house property

Yes 

First of all, assessee is resident of India. Any gain on transfer of Capital Asset as defined under the Act, shall be chargeable to tax in India in case of resident assessee irrespective of physical location of capital asset under issue. 

Exemption: Exemption will be allowed only and only when investment in specified asset  made within a period specified under the section you mentioned above. Further, new  asset acquired must be in India.  

Refer this case law CIT v. Syed Ali Adil (2013) (A.P.)