Where should I place source code that I wish to compile?

Files under the directory /usr/local/ are not under the control of the Debian package management system. Therefore, it is good practice to place the source code for your program in /usr/local/src/. For example, you might extract the files for a package named "foo.tar" into the directory /usr/local/src/foo. After you compile them, place the binaries in /usr/local/bin/, the libraries in /usr/local/lib/, and the configuration files in /usr/local/etc/.

If your programs and/or files really must be placed in some other directory, you could still store them in /usr/local/, and build the appropriate symbolic links from the required location to its location in /usr/local/, e.g., you could make the link

 ln -s /usr/local/bin/foo /usr/bin/foo

In any case, if you obtain a package whose copyright allows redistribution, you should consider making a Debian package of it, and uploading it for the Debian system. Guidelines for becoming a package developer are included in the Debian Policy manual.

Taken from: http://www.debian.org/doc/FAQ/ch-compat.en.html

Yes you can place the source code anywhere.During the installation it places all the files in correct location.In your case you have your source code in /home/zolomon/SourceCode so you can compile it from there..Thats not a problem..