Even though JRE 8 is installed on the MAC OS Yosemite, the error – “ No Java Runtime present,requesting to install ”

At About Java for OS X 2012-006 (article HT5493, modified 2012-10-16) Apple gives a related article:

• Java for OS X 2012-006: How to re-enable the Apple-provided Java SE 6 applet plug-in and Web Start functionality (article HT5559, modified 2012-10-22).

Please run all four commands. The fourth should re-enable Java SE 6 Web Start.

The dialog is shown because Oracle's Java has only partial 'JVMCapabilities' set and advertises itself as command-line-only capable.

As a superuser (use 'sudo' if editing in Terminal), you should edit /Library/Java/JavaVirtualMachines/jdk.1.7.[version-and-release].jdk/Contents/Info.plist and find the following key:

<key>JVMCapabilities</key>
  <array>
    <string>CommandLine</string>
  </array>

and add it to include the missing values:

<key>JVMCapabilities</key>
  <array>
    <string>CommandLine</string>
    <string>JNI</string>
    <string>BundledApp</string>
  </array>

After that, you have to either reboot, logout or killall Finder, what ever seems to work. (People have reported that restarting Finder was enough, but I had to log out.)

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Source.