command to Substract two timestamps in unix

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I am writing a script and which requires to calculate the difference between the two timestamps . I have done some search but didn't get a clue so far.

For Example say:

time1 = 20160314 10:16:27
time2 = 20160313 15:17:28

From the above I need to get result like below: difference is: "1 day 5 hours 1 minute 1 second"

Please help me in resolving this.

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