If I download a torrent file on my Mac, after I drag it to iTunes can I delete it out of Downloads?

I have downloaded some CDs and used torrent software to open it. It looks like it downloads into the "Downloads" folder and so I just dragged that folder to iTunes and it plays fine. Question is: did the file save in my "Music" folder? And therefore I can delete it out of "Downloads"? I'm trying to avoid having double copies, but brand new to Mac and not positive how it works. I was a stickler for keeping my music organized on my old PC. Anyone have a clue?