[Question] Need some clarification about steam regional locks!

Have a look at this

So having my cousin buy and activate on my account would be flagged as inconsistent location activity, and I can get banned by this?

Actually, since you are talking about him activating them on your account in India that would not have anything to do with gifts, so it would be another story. I know however that if you move to another location you can set your account to "Australian" account for example. I wonder however how long you are planning to stay in Australia.

You should write to Steam Support about this. AFAIK, if you can prove you'll move, they will make proper note on account and all will be ok.

Per Steam's Policy:

What if I am traveling and the product I am trying to purchase has a note about region restrictions?

If you are currently traveling, please ensure that your store region is correctly set to the country where you permanently reside as shown below. You may view and change your store region from your Account Details page. If you are unable to select the correct country, please contact Steam Support.

You might want to contact steam and ask "if I'm going to be in another country for an extended period of time...."
(Assuming you intend to return to India after you graduate, technically you still permanently reside in India)

In the Steam Subscriber Agreement it states:

C. Your Account
When you complete Steam’s registration process, you create a Steam account ("Account"). Your Account may also include billing information you provide to Valve for the purchase of Subscriptions, Content and Services and Hardware. You may not reveal, share or otherwise allow others to use your password or Account except as otherwise specifically authorized by Valve. Any use of your Account with your login and/or password is deemed made by you and you are responsible for it and for the security of your computer system. Valve is not responsible for the use of your password and Account or for all of the communication and activity on Steam that results from use of your login name and password. You may not sell or charge others for the right to use your Account, or otherwise transfer your Account, nor may you sell, charge others for the right to use, or transfer any Subscriptions other than if and as expressly permitted by this Agreement (including any Subscription Terms or Rules of Use) or as otherwise specifically permitted by Valve.

This means you are actually not supposed to share your account with others. I have not seen this enforced yet, however I would be careful about doing it or mentioning it to steam support.

As someone on the steam forums states in this thread:

The SSA says not to share, you're not supposed to, but enforcing it is another thing, just don't go posting to the forums telling people you're sharing.
Oh wait.
Kidding aside, just keep in mind, it does give them a reason to disable your account if they ever found out and decided to enforce it, so do so at your own risk.

My experience: account made, while being in Russia. Currently in Australia. I can buy games for myself on my account (only using Russain payment options, e.g., a Russian card or a Russian PayPal account) and I can buy region-locked gifts to send them.
I can't activate region-locked gifts myself on my account.

So when you buy games, do you pay the Australian store price or Russian? I plan to be there for 2 years and then return

Also, I am not sharing my password as such as on my home pc, the login information is saved :s