[guided]We need the formula $[P]+[Q]=[P\oplus Q]$ to define an operation on $V(R)$, so the first point is closure: if $[P]$ and $[Q]$ are elements of $V(R)$, then $[P\oplus Q]$ must also be an element of $V(R)$. By definition of $V(R)$, this means that $P\oplus Q$ must again be finitely generated and projective.
First consider finite generation. Since $P$ is finitely generated, choose elements $p_1,\dots,p_m\in P$ that generate $P$ as a left $R$-module. Since $Q$ is finitely generated, choose elements $q_1,\dots,q_n\in Q$ that generate $Q$. Every element of $P\oplus Q$ has the form $(p,q)$ with $p\in P$ and $q\in Q$. Write
\begin{align*}
p=\sum_{i=1}^{m} r_i p_i
\end{align*}
with coefficients $r_1,\dots,r_m\in R$, and write
\begin{align*}
q=\sum_{j=1}^{n} s_j q_j
\end{align*}
with coefficients $s_1,\dots,s_n\in R$. Then
\begin{align*}
(p,q)=\sum_{i=1}^{m} r_i(p_i,0)+\sum_{j=1}^{n} s_j(0,q_j).
\end{align*}
Thus the finite set
\begin{align*}
\{(p_1,0),\dots,(p_m,0),(0,q_1),\dots,(0,q_n)\}
\end{align*}
generates $P\oplus Q$, so $P\oplus Q$ is finitely generated.
Now we prove projectivity by using the lifting property. Let $\pi:A\to B$ be a surjective $R$-linear map of left $R$-modules, and let $f:P\oplus Q\to B$ be an $R$-linear map. To lift $f$, we split it into its two components. Define $R$-linear maps $f_P:P\to B$ and $f_Q:Q\to B$ by
\begin{align*}
f_P(p):=f(p,0)
\end{align*}
and
\begin{align*}
f_Q(q):=f(0,q).
\end{align*}
Because $P$ is projective and $\pi$ is surjective, there is an $R$-linear map $\widetilde f_P:P\to A$ satisfying $\pi\circ \widetilde f_P=f_P$. Because $Q$ is projective and the same map $\pi$ is surjective, there is an $R$-linear map $\widetilde f_Q:Q\to A$ satisfying $\pi\circ \widetilde f_Q=f_Q$.
We now recombine these two lifts. Define $\widetilde f:P\oplus Q\to A$ by
\begin{align*}
\widetilde f(p,q):=\widetilde f_P(p)+\widetilde f_Q(q).
\end{align*}
This map is $R$-linear because $\widetilde f_P$ and $\widetilde f_Q$ are $R$-linear and addition in $A$ is $R$-bilinear. For every $(p,q)\in P\oplus Q$, we compute
\begin{align*}
(\pi\circ \widetilde f)(p,q)=\pi(\widetilde f_P(p)+\widetilde f_Q(q)).
\end{align*}
Using $R$-linearity of $\pi$, this becomes
\begin{align*}
(\pi\circ \widetilde f)(p,q)=\pi(\widetilde f_P(p))+\pi(\widetilde f_Q(q)).
\end{align*}
Using the defining equations for the two component lifts, we get
\begin{align*}
(\pi\circ \widetilde f)(p,q)=f_P(p)+f_Q(q).
\end{align*}
By the definitions of $f_P$ and $f_Q$,
\begin{align*}
(\pi\circ \widetilde f)(p,q)=f(p,0)+f(0,q).
\end{align*}
Since $f$ is $R$-linear and $(p,q)=(p,0)+(0,q)$ in $P\oplus Q$, this equals
\begin{align*}
f(p,q).
\end{align*}
Therefore $\pi\circ \widetilde f=f$. This proves the lifting property for $P\oplus Q$, so $P\oplus Q$ is projective. Combining finite generation and projectivity, $P\oplus Q$ is a finitely generated projective left $R$-module, and therefore $[P\oplus Q]$ belongs to $V(R)$.[/guided]