Does the location mentioned in baggage receipt that's pasted behind the boarding pass indicate whether you will have to recalim your baggage at that location and NOT at the location where you wait(incase of a connecting flight?
The baggage receipt is primarily a record locator. In most cases the receipt will list all flights and destination through which the bags will be transported. Obviously you have to claim the bags at the last city listed, which is typically the final stop of you itinerary.
There is typically no additional information about whether you have to claim and recheck somewhere along the way (which normally happens only in the US and Canada). The will tell you at check in and on the plane.
You must pick up your checked baggage at the destination airport as shown on the receipt.
Whether you must pass through Customs at the pick-up airport, or later at a destination airport, depends on a) whether you have one ticket or more than one ticket, and b) the identity of the airline(s), and c) the identity of the airports.
As jacaron notes in comments, the US can be a special case. Whether it is (or not) in your situation depends on the factors listed above.